To calculate the simple interest, we can use the formula:

Interest = Principal * Rate * Time

where:
- Principal is the initial amount of money that was put into the account. In this case, it's $12,350.
- Rate is the annual interest rate. Here, it's 4.5%. But we need to use it as a decimal in our calculations, so we divide it by 100 to get 0.045.
- Time is the amount of time the money is invested for. Here, it's 36 months. But the rate is an annual rate, so we need to convert the time to years. There are 12 months in a year, so 36 months is 36/12 = 3 years.

Substituting these values into the formula, we get:

Interest = $12,350 * 0.045 * 3

Now, we just need to do the multiplication to find the interest.

Interest = $1,666.75

So, Sophia will earn $1,666.75 in interest after 36 months.

Question

To calculate the simple interest, we can use the formula:

Interest = Principal * Rate * Time

where:
- Principal is the initial amount of money that was put into the account. In this case, it's $12,350.
- Rate is the annual interest rate. Here, it's 4.5%. But we need to use it as a decimal in our calculations, so we divide it by 100 to get 0.045.
- Time is the amount of time the money is invested for. Here, it's 36 months. But the rate is an annual rate, so we need to convert the time to years. There are 12 months in a year, so 36 months is 36/12 = 3 years.

Substituting these values into the formula, we get:

Interest = $12,350 * 0.045 * 3

Now, we just need to do the multiplication to find the interest.

Interest = $1,666.75

So, Sophia will earn $1,666.75 in interest after 36 months.

Knowee AI · Accepted Answer

To calculate the simple interest, we can use the formula:

Interest = Principal * Rate * Time

where:
- Principal is the initial amount of money that was put into the account. In this case, it's $12,350.
- Rate is the annual interest rate. Here, it's 4.5%. But we need to use it as a decimal in our calculations, so we divide it by 100 to get 0.045.
- Time is the amount of time the money is invested for. Here, it's 36 months. But the rate is an annual rate, so we need to convert the time to years. There are 12 months in a year, so 36 months is 36/12 = 3 years.

Substituting these values into the formula, we get:

Interest = $12,350 * 0.045 * 3

Now, we just need to do the multiplication to find the interest.

Interest = $1,666.75

So, Sophia will earn $1,666.75 in interest after 36 months.

Sophia invests $12,350 in an account that earns 4.5% annual simple interest. Assuming she makes no additional deposits or withdrawals, how much interest will Sophia earn after 36 months?

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