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

$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)

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$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)