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Mary deposit $ 7000 in a bank account that guarantees a simple interest rate of 8.5% per
year. How much interest will have been added to the account after a period of 5 years?

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Cricetus

Answer:

"$2975" is the correct solution.

Step-by-step explanation:

Given:

Principle,

P = $7000

Time,

T = 5 years

Interest rate,

R = 8.5

Now,

The interest will be:

= [tex]\frac{PTR}{100}[/tex]

= [tex]\frac{7000\times 5\times 8.5}{100}[/tex]

= [tex]\frac{297500}{100}[/tex]

= [tex]2975[/tex] ($)  

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