Each year on the same day, Susan deposits $175 into a saving account that earns simple interest at a rate of 3.5%. She makes no withdrawals. How much interest does Susan's account earns after 5 years?EXPLAIN SHOW YOUR WORK A. $18.38 B. $30.65 C. $61.25 D. $91.89
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The amount after time t will be given by simple interest formula given by: A=prt/100 where: principle,p=$175 rate, r=3.5% time, t=5 years thus the rate earned after 5 years will be: A=(175*3.5/100*5) A=$30.625 Answer: B] 30.65
