Marsha deposited ​$6,500 into a savings account 3 years ago. The simple interest rate is ​2%. How much money did earn in​ interest?

Answer:

6,897.25$ raw

397.25$ earned

Step-by-step explanation:

6,500(.02) = 130 + 6500

6630(.02) = 132.6 + 6630

6762.6(.02) = 135.25 + 6762.6

6,897.25$

the Money he earns in interest is 390$ and his new account balance would be 6890$.

Simple interest is the amount of interest charged on a specific principal amount at a specific interest rate. Compound interest, on the other hand, is the interest that is computed using both the principal and the interest that has accumulated over the preceding period.

given, Marsha deposited ​$6,500 into a savings account 3 years ago. The simple interest rate is ​2%.

from the general formula of Simple interest:

Simple interest(SI) = p*r*t/100

where, p = principal amount

r = rate of interest

t = time

in our case

p = 6500, r = 2%, t = 3

Thus,

SI = 6500 * 2 * 3/100

SI = 390$

Thus total amount = 390 + 6500 = 6890

therefore, the Money he earns in interest is 390$ and his new account balance would be 6890$.

Learn more bout simple interests here:

https://brainly.com/question/22621039

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