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Nataliya [291]
3 years ago
6

Rachel is calculating the interest earned on a deposit of $350 in an account that earns 6% simple interest after 15 years. What

is the interest earned?
Mathematics
1 answer:
Alla [95]3 years ago
5 0

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.

I = Prt

<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:

I = 350(.06)(15)

I = 315

This means that Rachel earned $315 worth of interest in the 15 year period.

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