If the interest is simple interest, we have the formula:
[tex]i=\text{Prt}[/tex]Where
i is the interest earned
P is the principal amount deposited
r is the rate of interest in decimal
t is the time in years
Given,
We substitute and figure out the interest earned first:
[tex]\begin{gathered} i=\text{Prt} \\ i=(5000)(0.03)(10) \\ i=1500 \end{gathered}[/tex]Now, total money accumulated will be principal + interest earned, thus
5000 + 1500 = $6500
Answer$6500
