Donna deposits $275 into her savings account. She leaves the money in her account, untouched, for 6 years. If the account earns 4.5% simple interest each year, how much simple interest will she have earned by the end of the sixth year?
1. 74.25
2. 1,212.12
3. 25 years
4. 8.4%
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E is right
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Bro I legit typed all this in and got nothing
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i got a 100 e is 100% right
E's_right
To calculate the simple interest earned by Donna over 6 years, we need to use the formula:
Simple Interest = Principal * Rate * Time
Where:
- Principal is the initial amount deposited, which is $275
- Rate is the interest rate per year, which is 4.5%
- Time is the number of years, which is 6
Let's plug in the values into the formula and calculate the simple interest earned:
Simple Interest = 275 * 0.045 * 6
Simplifying the equation:
Simple Interest = 73.125
Therefore, Donna will have earned $73.125 in simple interest by the end of the sixth year.
I = Prt
so plug in your numbers