Question

Mathematics

Find the amount of simple interest earned for depositing the given principle

Simple interest:

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Best Answer

The simple interest earned for depositing $9000 at a rate of 3.5% for 1 year is:

Simple Interest = Prt = $9000 \times 0.035 \times 1 = $315

Therefore, the simple interest earned is $315.

Step-by-step solution:

The formula for simple interest is:

Simple Interest = Prt = $9000 \times 0.035 \times 1 = $315

Therefore, the simple interest earned is $315.

Step-by-step solution:

The formula for simple interest is:

where P is the principle amount, r is the rate of interest, and t is the time period in years.

Given P= and year, we can substitute these values in the formula for simple interest to get:

Given P=

Therefore, the simple interest earned is $315.