Question

Mrs Davis invests 15,000 into a savings account that pays 7%interest for 3 years how much interest does mrs Davis earn

Answer 1

3,150

Explanation:

The amount of interest earned by the account is found using the interest formula:

I = Prt . . . . where P is the principal invested at rate r for t years

__

Using the given values, we find the interest to be ...

I = 15,000×0.07×3 = 3,150

Mrs Davis earns 3,150 on her investment.