Lisa invested $5200 in a savings account with a yearly interest rate of 6% for 9 years. How much simple interest did she earn? A 281 B 330 C 3300 D 2808

Business · High School · Tue Nov 03 2020

Answered on

Given: 

Principal amount (P) = $5200

Interest rate ( r ) = 6% or 0.06

Term  ( t) = 9

Formula for simple interest: I = Prt

Solution:

Substitute the given values of P, r and t to the formula for simple interest.

I = $5200(0.06)(9)

I = $5200(0.54)

I = $2,808

Final answer:
The interest gained after 9 years is $2,808.

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