Question

3.6.PS-7 Question Help 0 Edward deposited $9,500 into a savings account 5 years ago. The simple interest rate is 2%. How much money did Edward earn in interest?​

Answer 1

$~~~~~~ \textit{Simple Interest Earned}\\\\I = Prt\qquad\begin{cases}I=\textit{interest earned}\\P=\textit{original amount deposited}\dotfill & \ 9500\\r=rate\to 2\%\to \frac{2}{100}\dotfill &0.02\\t=years\dotfill &5\end{cases}\\\\\\I = (9500)(0.02)(5)\implies \boxed{I = 950}$