Find the simple interest on an investment of $3500 for 2.5 years at
1 answer:
Answer:
$481.25
Step-by-step explanation:
The formula for simple interest is i = p*r*t, in which p is the principal, r is the interest rate as a decimal fraction, and t is the time in years.
Here p = $3500, r = 0.055 and t =2.5 yrs, and so the simple interest is
i = ($3500.00)(0.055)(2.5 yr), or
i = $481.25
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