SOLUTION: $13,000 is deposited into a savings account that earns simple intrest at a rate of 6.5 percent per year. How much intrest will the money have earned after 3 years?
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: $13,000 is deposited into a savings account that earns simple intrest at a rate of 6.5 percent per year. How much intrest will the money have earned after 3 years?
Log On
Question 930193: $13,000 is deposited into a savings account that earns simple intrest at a rate of 6.5 percent per year. How much intrest will the money have earned after 3 years? Answer by Hawksfan(61) (Show Source):
You can put this solution on YOUR website! I = P * R * t
Interest = Principal * Rate * time
P = 13000
R = 6.5% = .065 (% means divided by 100)
t = 3 years
fill in what you know
I = 13000 * .065 * 3yr = 2565
