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
llm
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.