Question

Simon put $15000 in an account with a simple interest rate of 4.5%. How much interest will be earned after 8 years?

Answer 1

$~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \ 15000\\ r=rate\to 4.5\%\to \frac{4.5}{100}\dotfill &0.045\\ t=years\dotfill &8 \end{cases} \\\\\\ I = (15000)(0.045)(8)\implies I=5400$