Answer: $67.50
Step-by-step explanation:
This question is asking for the amount of interest earned so let's write out the formula.
[tex]I=Prt[/tex]
Where:
I is the amount of interest
P is the principal amount ($250)
r is the interest rate (3% or 0.03)
and t is the time (9 years)
Sub in our values into the equation and solve
[tex]I=(250)(0.03)(9)\\I=(7.5)(9)\\I=67.50[/tex]
