Question

Uestion: How much interest is earned from $1,300 invested at a simple interest rate of 7.75%

Answer 1

Answer:

$302.25

Step-by-step explanation:

First, change 7.75% into the decimal form. The work is shown below:

7.75% -> $\frac{7.75}{100}$ -> 0.0775

Using the equation $I=Prt$, lets plug in the values.:

$I=1,300(0.0775)(3)$

$I=302.25$

$302.25 worth of interest was earned after 3 years.