Question

A bank is offering 3.5% simple interet on a savings account. if you deposit $7500,how much interest would you earn in two years

Answer 1

Answer:

$525

Step-by-step explanation:

Interest = p X t X r /100

= 7500 X 2 X 3.5 /100

= 52500/100

= 525

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Answer 2

Given :

• Money deposited ( Principal ) = $ 7500
• Rate = 3.5%
• Time = 2 years

To find :

Interest recieved

Formula used :

I = P×R×T/100

Here,

• I = Simple interest
• P = Principal
• R = Rate
• T = Time

Solution :

$\sf \implies \: I \: = \: \dfrac{ \: 7500 \times \: 3.5 \times \: 2}{100} \\ \\ \sf \implies \: I \: = \: \dfrac{ \:52500}{100} \\ \\ \sf \implies \: I \: = \:525$

ANSWER :

Interest recieved after 2 years = $525