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9 August, 08:15

Pierre invested $7500 in a savings account with a yearly interest rate of 3% for 14 years. How much simple interest did he earn?

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  1. 9 August, 10:46
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    Yearly interest return = 7500 x 3% = 7500 x 0.03 = 225

    Since it's a simple interest then the amount of total interest will be

    14 x 225 = $3150

    (This is not asked by the problems. It's just indicatif: the total money will be 7500 + 3150 = $10,650)
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