You receive an inheritance of $15,500, and you place the full amount into a bank account. The bank pays a simple interest rate o

Question

2 years ago

13

You receive an inheritance of $15,500, and you place the full amount into a bank account. The bank pays a simple interest rate o

f 7.5% per year. How much interest have you earned after three years? Give your answer in dollars to the nearest dollar.

Mathematics

1 answer:

grigory [225] · Answer 1 · 2022-11-08T13:39:06+03:00

Answer:

348,750 dollars in 3 years

Step-by-step explanation:

You inheritanced 15,500 dollars. You put that into a account which has a 7.5% interest rate for one year. 15,500 x 7.5 = 116,250 a year. now you want to know how much that'll be in 3 years multiply 116,250 x 3 = 248,750.

(I'm sorry if this is incorrect i tried doing the math correctly!)