What is the interest earned on $3,000 at a rate of 0.04 for 3 years? (Hint: Use the formula i = prt , where i represents the interest earned

Question

What is the interest earned on $3,000 at a rate of 0.04 for 3 years? (Hint: Use the formula i = prt , where i represents the interest earned, p represents the principal, r represents the rate, and t represents the time.)

$3,360
$3,003.04
$360
$120

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Hải Đăng 3 months 2021-07-19T22:07:31+00:00 2 Answers 3 views 0

Answers ( )

    0
    2021-07-19T22:08:39+00:00

    Answer:

    $360

    Step-by-step explanation:

    You have to calculate the interest earned on $3,000, at the rate of 0.04 for 3 years.

    P= $ 3000, R= 0.04 and t= 3 years.

    3000 × 0.04 × 3= $360 (Answer)

    Hope that helps

    Have a good day :)

    0
    2021-07-19T22:08:58+00:00

    Answer:

    $360.

    Step-by-step explanation:

    The interest earned on principal P, at the rate of r for the duration of t years is given by the equation I = Prt ……….. (1)

    Now, we have to calculate the interest earned on $3000, at the rate of 0.04 for 3 years.

    Here, P = $3000, r = 0.04 and t = 3 years.

    Hence, from equation (1), Interest earned, I = 3000 × 0.04 × 3 = $360 (Answer)

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