SOLUTION: Rafael invested $500 into an account that pays 6.5 % simple interest. If he leaves the money alone for 3 years how much interest will he earn?

SOLUTION: Rafael invested $500 into an account that pays 6.5 % simple interest. If he leaves the money alone for 3 years how much interest will he earn?

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Question 809796: Rafael invested $500 into an account that pays 6.5 % simple interest. If he leaves the money alone for 3 years how much interest will he earn?
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
I = P*r*t

I = 500*0.065*3

I = 97.50

Answer: $97.50
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