Rachel is calculating the interest earned on a deposit of $350 in an account that earns 6% simple interest after 15 years. What
1 answer:
Answer:
$315
Step-by-step explanation:
You are going to want to use the simple interest formula for this. The one below is modified for solving the interest earned.
<em>I = interest amount</em>
<em>P = principal amount</em>
<em>r = interest rate (decimal form)</em>
<em>t = time</em>
<em />
Now we can plug in the values into the equation:
This means that Rachel earned $315 worth of interest in the 15 year period.
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