sophia deposited $2,000 into a savings account with a 3.5% simple interest rate. if she leaves it there for…

sophia deposited $2,000 into a savings account with a 3.5% simple interest rate. if she leaves it there for 18 years, how much interest will she earn? $? hint: i = prt

sophia deposited $2,000 into a savings account with a 3.5% simple interest rate. if she leaves it there for 18 years, how much interest will she earn? $? hint: i = prt

Answer

Explanation:

Step1: Identify the values

$P = 2000$, $R=3.5%=0.035$, $T = 18$

Step2: Apply the simple - interest formula

$I=PRT$ $I=2000\times0.035\times18$ $I = 2000\times0.63$ $I = 1260$

Answer:

$1260$