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A bank is offering 3.5% simple interest on a savings account. If you deposit $7,500,how much interest will you earn in two years?

Respuesta :

Answer:

525$

Step-by-step explanation:

Lanuel

The amount of interest you will earn in two (2) years is $525.

Given the following data:

  • Interest rate = 3.5 %
  • Principal = $7,500
  • Time = 2 years

To determine how much interest you will earn in two (2) years:

Mathematically, simple interest is given by the formula:

[tex]S.I = \frac{PRT}{100}[/tex]

Where:

  • S.I is the simple interest.
  • P is the principal amount.
  • R is the interest rate.
  • T is the time measured in years.

Substituting the given parameters into the formula, we have;

[tex]S.I = \frac{7500 \times 3.5 \times 2}{100}\\\\S.I = \frac{52500}{100}[/tex]

Simple interest = $525

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