13-02-2017
Mathematics

Answered

An account earns simple interest.

$1500 at 4% for 5 years

AFind the interest earned.

$_

BFind the balance of the account.

$__

Verified Answer :

Kristiania Kristiania

31-07-2018

The formula for simple interest is given by

I=PRT

We are given P=$1500

R=4% or 0.04

T=5 years

plugging them in the equation I=PRT , we get

I =1500*0.04*5 = 300

so interest is $300

Amount =P+I

Amount =1500+300 =1800

Amount $1800

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