Mr. Young is offered an investment opportunity. Kyra says she will invest his money at a 6% simple interest rate over the next 7 years. Mr.

Question

Mr. Young is offered an investment opportunity. Kyra says she will invest his money at a 6% simple interest rate over the next 7 years. Mr. Young decides to invest $3000. How much interest will he have earned when the investment matures? *

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Neala 4 years 2021-08-14T16:27:12+00:00 1 Answers 10 views 0

Answers ( )

  1. thienhuong
    0
    2021-08-14T16:28:50+00:00
    Reply

    Answer:

    $126

    Step-by-step explanation:

    Given that:

    Investment is done as per Simple interest.

    Principal = $3000

    Time for which the investment is to done = 7 years

    Rate of interest = 6%

    To find:

    Interest earned when the investment matures?

    Solution:

    Formula for Simple Interest :

    Simple\ Interest = \dfrac{PRT}{100}

    Where P is the principal amount

    R is the Rate of Interest

    T is the time for which the investment is made

    Putting the given values:

    Simple\ Interest = \dfrac{3000\times 6\times 7}{100}\\\Rightarrow Simple\ Interest = \dfrac{12600}{100}\\Simple\ Interest = \$126

    Therefore, the answer is:

    Interest earned is $126.

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