An account earns simple interest. $300 at 4% for 3 years, what is the interest earned

Question

An account earns simple interest. $300 at 4% for 3 years, what is the interest earned

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Amaya 2 weeks 2022-01-15T17:25:41+00:00 1 Answer 0 views 0

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    2022-01-15T17:26:55+00:00

    Answer:

    $36

    Step-by-step explanation:

    You are going to want to use the simple interest formula for this. The one below is modified for solving the interest earned.

    I = Prt

    I = interest amount

    P = principal amount

    r = interest rate (decimal form)

    t = time (years)

    First, change 4% into a decimal:

    4% -> \frac{4}{100} -> 0.04

    Now, plug the values into the equation:

    I=300(0.04)(3)

    I=36

    The interest earned is $36

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