diegov99 diegov99
  • 16-04-2022
  • Mathematics
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You invested $5000 for 20 years at 7.25%. How much interest did you earn?

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jdoe0001 jdoe0001
  • 16-04-2022

[tex]~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$5000\\ r=rate\to 7.25\%\to \frac{7.25}{100}\dotfill &0.0725\\ t=years\dotfill &20 \end{cases} \\\\\\ I = (5000)(0.0725)(20)\implies I=7250[/tex]

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