Deposited $8500 into a savings account 3 years ago. The simple interest rate is 2%. How much money did marsha earn in interest?

Question

asked Mar 6, 2023 187k views

1 Answer

Victortv · Answer 1 · 2023-03-13T05:03:59+0000

Answer:Marsha earned interest = $850

Explanation:

Amount deposited = $8500

Time = 2 years

Interest rate = 5% = 0.05

We need to find how much did Marsha earn in interest

The formula use is:

Where I is interest earned, P is amount deposited, r is interest rate and t is time.

Putting values and finding interest.

So, Marsha earned interest = $850