Question

If $15,000 is invested in an account that earns 5.6% simple interest, how

much money is in the account after 10 years?

Answer 1

$8400.00

P is the principal amount, $15000.00.

r is the interest rate, 5.6% per year, or in decimal form, 5.6/100=0.056.

t is the time involved, 10....year(s) time periods.

So, t is 10....year time periods.