fred deposited $10,000 into a savings account with a 5% simple interest rate. after 15 years how much…

fred deposited $10,000 into a savings account with a 5% simple interest rate. after 15 years how much interest did fred earn? $? hint: i = prt

fred deposited $10,000 into a savings account with a 5% simple interest rate. after 15 years how much interest did fred earn? $? hint: i = prt

Answer

Explanation:

Step1: Identify values

$P = 10000$, $R=0.05$, $T = 15$

Step2: Apply simple - interest formula

$I=PRT=10000\times0.05\times15$

Step3: Calculate the result

$I = 7500$

Answer:

$7500$