An 8th grader put $500 into a savings plan that pays 3.75% simple interest. If no additional investment is made into the savings account, how much accumulated interest should the 8th grader expect at the end of 15 years.
Use the formula i = prt, where i is the interest earned, p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.
