Question

Marlena save $50 in an account earning 3.5% simple interest. How much would her account earn in 10 years?

Answer 1

Answer: Her account would earn $17.5

Step-by-step explanation: The earning on a given amount with simple interest can be computed as follows;

Interest = PRT/100

Where P is the principal (initial amount), R is the rate of interest and T is the number of years. The formula now becomes,

Interest = (50 x 3.5 x 10)/100

Interest = 1750/100

Interest = 17.5

Therefore, in 10 years her account would have earned $17.5