Ella deposits $8,500 in a savings account. The account pays a simple interest of 4.75%. If she makes no other deposits or withdrawals, how much interest will the account earn in 6 years?

$10,922.50

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: A = P(1 + rt)

P is principle amountr is ratet is time

Step-by-step explanation:

Step 1: Define

Identify variables

P = 8500

r = 4.75% = 0.0475

t = 6

Step 2: Find Interest

Substitute in variables [Simple Interest Rate Formula]:                                 A = 8500(1 + 0.0475 · 6)(Parenthesis) Multiply:                                                                                      A = 8500(1 + 0.285)(Parenthesis) Add:                                                                                            A = 8500(1.285)Multiply:                                                                                                             A = 10922.50