21aspalding 21aspalding

03-12-2017
Mathematics

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When Marty was born, his parents deposited $5000 in a college savings account that earns simple interest at a rate of 7.25% per year. How much interest will the money have earned after 18 years?

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Aliwohaish12 Aliwohaish12

03-12-2017

The formula is
I=prt
I interest earned?
P principle 5000
R interest rate 0.0725
T time 18 years
I=5,000×0.0725×18
I=6,525

Hope it helps!

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