SOLUTION: Sam deposits $15,000.00 in an account that earns 3.2% simple interest. How much interest will his money earn in 1 year?

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Question 313495: Sam deposits $15,000.00 in an account that earns 3.2% simple interest. How much interest will his money earn in 1 year?
Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!
the Simple Interest = p*r*t
where p is the amount invested=15000
t=1 year
rate = 0.032
15000*1*0.032
=480
$ 480