Answer:
Marsha earned $1,350 in interest over the 5-year period.
Step-by-step explanation:
To calculate simple interest, you can use the formula:
Simple Interest=P⋅r⋅t
where:
P is the principal amount (the initial deposit),
r is the interest rate per period, and
t is the time the money is invested or borrowed for.
In this case:
P = $9,000,
r=3% or 0.03 (decimal form), and
t=5 years.
Plug these values into the formula:
Simple Interest=9000⋅0.03⋅5
Simple Interest=1350
