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Mrs. Stevens deposited $4,500 in a college savings account for her grandson that earns an annual simple interest rate of 6.5%. How much interest will be paid in 10 years?

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ajinems

The interest that will be paid in 10 years is = $2,925

The total amount of money deposited as savings (p)

= $4,500,

The annual simple interest rate (r) = 6.5%.

The time to collect the interest expected (t) = 10 years.

There the simple interest generated =

[tex] \frac{p \times t \times r}{100} [/tex]

[tex] \frac{4500 \times 10 \times 6.5}{100} [/tex]

[tex] \frac{292500}{100} [/tex]

Therefore simple interest = $2,925

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