Question

Theodore invests $15,000 into an account at an annual rate of 0.55% simple interest for 36 months.

1) What is the Principal in this scenario?

1) 0.0055
2) 0.55 %
3) $15,000
4) 3
2) What is the interest rate for this account?

1) 0.55 %
2) $15,000
3) 3
4) 0.0055

3) What number do you use to represent the interest rate in the simple interest formula?

1) 0.55 %
2) 3
3) $15,000
4) 0.0055

4) What is the length of time of this investment, in years?

1) 0.55 %
2) 3
3) $15,000
4)0.0055

5) Calculate the simple interest earned on this account.

Answer 1

1)$15000

2)0.55%

3)0.55

4)3

5)24.75

Explanation:

5)1500×0.55×3/100

Answer 2

3,1,4,2 are the answers in order. however for the last part you need to take A=15,000(1+.55)^3 i believe will get you you’re a see but i would check the formula to make sure