Edward deposited $8500 into a savings account 3 years ago. The simple interest rate is 4%. How much money did Edward earn in
interest? Substitute the values into the equation.
1 answer:
Answer: $1020
Step-by-step explanation:
For us to get the Simple interest, we have to use the formula:
= PRT
= Principal × Rate × Time
= $8500 × 4% × 3
= $8500 × 4/100 × 3
= $8500 × 0.04 × 3
= $1020
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