Find the simple interest on a $9,505 principal, deposited for 5 years at a rate of 5.50%.  What is the interest earned after the 5 years?

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To calculate the simple interest, we use the formula:

\[
\text{Simple Interest} = P \times r \times t
\]

where:
- $ P $ is the principal amount ($9,505),
- $ r $ is the annual interest rate (5.50% or 0.055),
- $ t $ is the time in years (5 years).

Now, plugging in the values:

\[
\text{Simple Interest} = 9,505 \times 0.055 \times 5
\]

Let me calculate that for you.The simple interest earned after 5 years on a principal of $9,505 at an interest rate of 5.50% is **$2,613.88**.

Do you have any questions or would you like further details?

Here are 5 related questions:
1. What would be the total amount in the account after 5 years?
2. How would the interest change if the rate was 6% instead of 5.5%?
3. What is the interest if the same amount is invested for 10 years instead of 5 years?
4. How is compound interest different from simple interest?
5. What happens to the simple interest if the principal is doubled?

**Tip:** Simple interest does not depend on compounding, so it grows linearly with time.

Find the simple interest on a $9,505 principal, deposited for 5 years at a rate of 5.50%. What is the interest earned after the 5 years?

Learn how to calculate simple interest on a principal of $9,505 at an interest rate of 5.50% over 5 years. Discover the step-by-step process using the simple interest formula and find the interest earned: $2,613.88. Perfect for students in Grades 6-8.

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