A bank is offering 3.5% simple interest on a savings account. If you deposit
1 answer:
Answer: $525
Step-by-step explanation:
The formula for Simple interest is calculated as PRT where
P = Principal = $7500
R = Rate = 3.5%
T = Time = 2 years
Interest = PRT
= 7500 × 3.5% × 2
= 7500 × 0.035 × 2
= $525
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