Brett deposited $150.00 in an account that paid 3% simple interest. How much interest did Brett earn in 5 years??
A.$4.50
B.$7.50
C.$15.00
D.$22.50
I = PRT
I = 150 * 0.03 * 5
I = ?
It's D! $22.50 is your answer:)
thanks people
To calculate the interest earned by Brett in 5 years, we can use the formula for simple interest:
Interest = Principal × Rate × Time
First, we need to find the principal amount, which is the amount that Brett deposited, i.e., $150.00.
Next, we need to find the rate, which is given as 3%. However, when using the formula, we divide the rate by 100, so the rate becomes 0.03.
Finally, the time is given as 5 years.
Plugging these values into the formula, we get:
Interest = $150.00 × 0.03 × 5
Calculating this expression, we find:
Interest = $22.50
Therefore, the correct answer is D. $22.50