Investment of $3000 at 16% simple interest for two years.
2 answers:
16% of $100 is $16
16% of $1000 is $160
16% of $3000 is $480
2 years of simple interest 16% on $3000
= $3000 + $480 + $480
= $3960
I=PRT
r=rat
P=present amount
I=interst
t=time in yeare
2 years
16%
3000
I=2*3000*0.16
I=$960
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