Question

sol review: square roots, real numbers, and interest 4028090@ocpsnet.net switch account your email will be recorded when you submit this form question 4 jakes parents deposited $1000 into a savings account for college when he was born. how much interest will jake have earned after 18 years at a yearly simple interest rate of 3.25%? $1585 $585 $1000 $32.50

Explanation:

Step1: Recall simple interest formula

The formula for simple interest is $I = P \times r \times t$, where $I$ is the interest, $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years.

Step2: Identify values

Here, $P = \$1000$, $r = 3.25\% = 0.0325$ (converted to decimal), and $t = 18$ years.

Step3: Calculate interest

Substitute the values into the formula: $I = 1000 \times 0.0325 \times 18$. First, calculate $1000 \times 0.0325 = 32.5$. Then, calculate $32.5 \times 18 = 585$.

Answer:

\$585 (corresponding to the option with \$585)