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Ella deposits $8,500 in a savings account. The account pays a simple interest of 4.75%. If she makes no other deposits or withdrawals, how much interest will the account earn in 6 years?

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Answer:

$10,922.50

General Formulas and Concepts:

Pre-Algebra

Order of Operations: BPEMDAS

  1. Brackets
  2. Parenthesis
  3. Exponents
  4. Multiplication
  5. Division
  6. Addition
  7. Subtraction
  • Left to Right

Algebra I

Simple Interest Rate Formula: A = P(1 + rt)

  • P is principle amount
  • r is rate
  • t is time

Step-by-step explanation:

Step 1: Define

Identify variables

P = 8500

r = 4.75% = 0.0475

t = 6

Step 2: Find Interest

  1. Substitute in variables [Simple Interest Rate Formula]:                                 A = 8500(1 + 0.0475 · 6)
  2. (Parenthesis) Multiply:                                                                                      A = 8500(1 + 0.285)
  3. (Parenthesis) Add:                                                                                            A = 8500(1.285)
  4. Multiply:                                                                                                             A = 10922.50

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