henrietta deposits $3500 to start a new bank account. it earns a simple interest rate of 6.5% per year. henrietta makes no more to deposits to the account. how much interest will henrietta have earned after three years?
I = PRT
I = 3,500 * 0.065 * 3
math
To calculate the interest earned after three years, we need to use the formula for simple interest:
Interest = Principal (P) x Rate (R) x Time (T)
Given:
Principal amount (P) = $3500
Rate of interest (R) = 6.5% = 0.065 (in decimal form)
Time (T) = 3 years
Substituting the given values into the formula:
Interest = $3500 x 0.065 x 3
To simplify the calculation, multiply the principal amount by the rate and the time:
Interest = $3500 x 0.195
Now, we can calculate the interest earned by multiplying the principal amount and the rate by time:
Interest = $682.50
Therefore, Henrietta will have earned $682.50 in interest after three years.