2. how much interest is earned on $15,000 deposited in an account that pays 3.5% apr over 20 years?

Explanation:

Step1: Identify the simple - interest formula

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

Step2: Convert the percentage to a decimal

The annual percentage rate (APR) is $3.5%$. To convert it to a decimal, we divide by 100. So, $r=\frac{3.5}{100}=0.035$.

Step3: Substitute the values into the formula

We have $P = 15000$, $r = 0.035$, and $t = 20$. Substituting these values into the formula $I=Prt$, we get $I=15000\times0.035\times20$.

Step4: Calculate the interest

First, $15000\times0.035 = 525$. Then, $525\times20=10500$.

Answer:

$10500$