Is it true or false??
1 answer:
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Option A
The simple interest earned over 6 years is $ 4050
<em><u>Solution:</u></em>
Martha invested a principal amount of $15,000 into a savings account that earns simple interest at a rate of 4.5% per year
<em><u>The formula for simple interest is given as:</u></em>
Where, "p" is the principal and "n" is the number of years and "r" is the rate of interest
From given,
p = 15000
r = 4.5 %
n = 6 years
<em><u>Substituting the values we get,</u></em>
Thus simple interest earned over 6 years is $ 4050