Question

nancy deposited $5,000 into a savings account with a 3% simple interest rate. how much interest will she earn after 5 years? $? hint: i = prt

Explanation:

Step1: Identify values for PRT

Principal \( P = 5000 \), Rate \( R = 3\% = 0.03 \), Time \( T = 5 \) years.

Step2: Apply simple interest formula

Using \( I = PRT \), substitute values: \( I = 5000 \times 0.03 \times 5 \).
Calculate \( 5000 \times 0.03 = 150 \), then \( 150 \times 5 = 750 \).

Answer:

\( 750 \)