Janice deposited $750 in a savings account that earns 3.5% simple interest. How much interest has Janice earned by the end of the first year? (1 point)

Question

asked Dec 22, 2021 147k views

1 Answer

Marc Buurke · Answer 1 · 2021-12-25T18:36:58+0000

Answer:

$26.25

Explanation:

We know that I = Prt where I = Interest, P = Principal, r = rate (as a decimal) and t = time (in years). Therefore:

I = 750 * 0.035 * 1 = $26.25