Answer: Edwin's deposit will earn an interest of $1327.50
We determine the simple interest on an amount deposited with the following formula:
[tex]SI = P*N*R[/tex]
where
SI = Simple Interest
P = Principal or the amount deposited
N = Number of years for which the deposit is made
R = annual rate of interest on the principal
Substituting the values from the question in the formula above we get,
[tex]SI = 7500 * 3 * 0.059[/tex]
[tex]SI = 1327.50[/tex]
