Question

(Givng Good Points!)

Answer 1

Simple interest formula :

total = starting amount x (1 + ( interest rate x time))

total = 500 x (1 + (.03 x5))

Total = 575

Interest = 575-500 = 75

answer: $75

Answer 2

The question is telling us that we have to find the simple interest, Let's find the simple interest...

$\boxed{ \tt \: si = \frac{p \times r \times t}{100} }$

Where,

• SI is Simple Interest
• P is principle
• R is rate
• T is time

In our case,

• P = $500
• R = 3%
• T = 5 years

$\sf \: S.I. = \frac{5 \cancel{00} \times 3 \times 5}{1 \cancel{00} }$

$\sf \: S.I. = 5 \times 3 \times 5$

$\sf \: S.I. = 15 \times 5$

$\sf \: S.I. = 75$

Therefore, Mark will earn $75 at the rate of 3% after 5 years...~