Sure, let's solve this problem step by step.
Brian has deposited [tex]$6,500 in a simple interest account that pays an annual interest rate of 3%. The time period for which the money has been deposited is 12 years. To calculate the interest earned, we use the simple interest formula:
\[ \text{Interest} = \text{Principal} \times \text{Rate} \times \text{Time} \]
Where:
- Principal (\( P \)) is the initial amount of money deposited, which is $[/tex]6,500.
- Rate ([tex]\( R \)[/tex]) is the annual interest rate, which is 3% or 0.03 in decimal form.
- Time ([tex]\( T \)[/tex]) is the number of years the money is left in the account, which is 12 years.
Plugging in the values, we get:
[tex]\[ \text{Interest} = 6500 \times 0.03 \times 12 \][/tex]
By performing this multiplication:
[tex]\[ \text{Interest} = 6500 \times 0.03 = 195 \][/tex]
[tex]\[ \text{Interest} = 195 \times 12 = 2340 \][/tex]
So, the interest earned by Brian after 12 years is:
[tex]\[ \text{Interest} = \$2,340.00 \][/tex]
Thus, Brian will earn [tex]\(\$2,340.00\)[/tex] in interest from the account.
