Question

PLEASE HELP

Lou deposited $1500 in a savings account. The
interest rate was 6.75% annually. How much
interest will he earn in 5 years?


And please add how you did it

Answer 1

$506.25

Step-by-step explanation:

assuming it is simple interest,

$1500 × 6.75% = $101.25 (interest earned each year)

$101.25 × 5 = $506.25 (interest earned in 5 years)

i hope this helps, feel free to comment if you need to clarify anything!