Question

Which equation demonstrates that use of a simple interest formula , l=PRT , to compute the investment earned on $70 at 3% For 12 years ?

Answer 1

Answer:

I = (70) x (0.03) x (12)

Step-by-step explanation:

The general formula of simple interest formula is:  I = PRT where I = simple interest, P = principal amount, R = interest rate, T = time (in years).  Given that the initial investment is $70, the interest rate is 3% (or 0.03 as a decimal) and the time is 12 years, you can form the following:  

I = (70) x (0.03) x (12)