nancy deposited $5,000 into a savings account...
nancy deposited $5,000 into a savings account with a 3% simple interest rate. how much interest will she earn after 5 years? $? hint: i = prt
Answer
# Explanation:
## Step1: Identify the formula
The simple - interest formula is $I = PRT$, where $P$ is the principal amount, $R$ is the interest rate (in decimal form), and $T$ is the time in years.
## Step2: Convert the interest rate to decimal
The interest rate $R = 3\%=0.03$. The principal amount $P = 5000$ and the time $T = 5$ years.
## Step3: Substitute values into the formula
$I=P\times R\times T=5000\times0.03\times5$.
## Step4: Calculate the interest
$5000\times0.03\times5 = 750$.
# Answer:
$750$