When Marty was born, his parents deposited $5000 in a college savings account that earns simple interest at a rate of 7.25% per year. How much interest will the money have earne…

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asked Feb 15, 2018 137k views

1 Answer

Reid Spencer · Answer 1 · 2018-02-20T20:32:37+0000

The formula is
I=prt
I interest earned?
P principle 5000
R interest rate 0.0725
T time 18 years
I=5,000×0.0725×18
I=6,525

Hope it helps!