Question

sophia deposited $2,000 into a savings account with a 3.5% simple interest rate. if she leaves it there for 18 years, how much interest will she earn? $? hint: i = prt

Explanation:

Step1: Identify values for PRT

Principal \( P = 2000 \), Rate \( R = 3.5\% = 0.035 \), Time \( T = 18 \)

Step2: Apply simple interest formula \( I = PRT \)

\( I = 2000 \times 0.035 \times 18 \)
Calculate \( 2000 \times 0.035 = 70 \), then \( 70 \times 18 = 1260 \)

Answer:

\( 1260 \)