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91Ó°ÊÓ

Susana invested a principal of $36000 in her bank account that earned simple interest at an interest rate of 6.5%. How much interest did she earn in three years?

Short Answer

Expert verified

Susana earned the interest =$7020

Step by step solution

01

Step 1. Expression to be used for the simple interest,

Interest = prt

Here, p=Principal amount

r=rate of interest

t=Duration of investment

02

Step 2. Substitute the values given in the question,

p=$36000

r=6.5%=0.065

t=3years

Interest = 36000×0.065×3

=$7020

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