Jen deposits $9,500 into a bank account that pays her 4.5% simple interest for 5 years. How much interesrt will she earn over 5 years?

$11838.7

General Formulas and Concepts:

Pre-Algebra

Order of Operations: BPEMDAS

Brackets Parenthesis Exponents Multiplication Division Addition Subtraction Left to Right  

Algebra I

Simple Interest Rate Formula:

P is principle amountr is ratet is time

Step-by-step explanation:

Step 1: Define

Identify variables

P = 9500

r = 4.5% = 0.045

t = 5

Step 2: Find A

Substitute in variables [Simple Interest Rate Formula]:                                 A = 9500(1 + 0.045)⁵(Parenthesis) Add:                                                                                            A = 9500(1.045)⁵Evaluate exponents:                                                                                         A = 9500(1.24618)Multiply:                                                                                                             A = 11838.7