Compute the amount of interest earned in the following simple interest problem. a deposit of $4,500 at 5% for 3 years: $6.75 $67.50 $675.00 $6,750.00

option C - $675

Step-by-step explanation:

Given : A deposit of $4,500 at 5% for 3 years

To find : Compute the amount of interest earned in the following simple interest problem.

Solution :

Using simple interest formula,

Where S.I is the simple interest

P is the principle P=4500

r is the rate r=5%=0.05

t is the time t= 3 years

Substitute the value,

Therefore,Option C is correct.

The simple interest is $675

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step-by-step explanation: