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2 years ago

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If you deposit $11,000 in a savings account that earns simple interest at a rate

1 answer:

creativ13 [48]2 years ago

3 0

$\bf ~~~~~~ \textit{Simple Interest Earned}\\\\I = Prt\qquad\begin{cases}I=\textit{interest earned}\\P=\textit{original amount deposited}\dotfill & \$11000\\r=rate\to 3.5\%\to \frac{3.5}{100}\dotfill &0.035\\t=years\dotfill &5\end{cases}\\\\\\I=(11000)(0.035)(5)\implies I=1925$

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