Question

Lorraine invested $5500 in a savings account with a yearly interest rate of 6% for 9 years. How much simple interest did she earn?

Answer 1

the formula for simple interest is i=P*r*t, where P is the principal (initial amount), r is the rate (as a decimal fraction), and t is the time (in years).

Answer 2

\(\bf i=prt
\\ \quad \\
p(rincipal)=5500\qquad t(years)=9\qquad\\ \quad \\ r(ate)=6\%\implies \cfrac{6}{100}\implies 0.06\)