Answer:
$227.50
Step-by-step explanation:
Lets use a modified simple interest formula to solve:
[tex]I=Prt[/tex]
P = initial balance
r = annual interest rate
t = time
First, lets change 3.5% into a decimal:
3.5% -> [tex]\frac{3.5}{100}[/tex] -> 0.035
Now, plug in the values:
[tex]I=650(0.035)(10)[/tex]
[tex]I=227.50[/tex]
The simple interest earned after 10 years is $227.50
