nancy deposited $5,000 into a savings account with a 3% simple interest rate. how much interest will she…

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

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:

$750$