Question

Find the simply interest earned on an investment of $15,000 at a rate of 5.25% for two years.

Answer 1

Ok so you know that simple interest formula is
Simple interest= money x percent (expressed as a decimal) x time (years)
So 15,000(0.0525)2
Work from there :)

Answer 2

Ill show you step by step.

This is what the equation should look like

Y=Initial value(1+/- Increasing or Decreasing value)^2 Which stands for time


`So Y=15,000(1+.0525)^2`

So you need to do 1.0525 to the 2nd power Which equals 1.10775625

So now you need to do 15,000(1.10775625)
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Which equals 16616 rounding to the nearest Ones

16616.3 rounding to the nearest tenth