Question

Elisabeth invests $2, 926 in an account earning 0.64% simple interest. How much money will she have earned in interest after 19 years? (Round it to two decimal places)

Answer 1

Explanation:

The simple interest formula is:

I = Prt

where I is the interest earned, P is the principal or initial investment, r is the annual interest rate as a decimal, and t is the time in years.

Substituting the given values:

P = $2,926

r = 0.64% = 0.0064 (as a decimal)

t = 19 years

I = 2,926 * 0.0064 * 19

I = $353.21

Therefore, Elisabeth will have earned $353.21 in interest after 19 years.