You deposit $1200 in an account. The annual interest rate is 3%. How long will it take you to earn $108 in simple interest?
1 answer:
Answer:
<em>Interest = $3,888 </em>
Step-by-step explanation:
Formula:
I = prt or I = p · r · t
what it stands for:
I = amount of interest
P = principal amount ($1,200)
R = interest rate (in years)(3% into decimal which would be .03)
T = amount of time (in years)($108)
so:
I = prt
I = (1,200)(.03)(108)
I = $3,888
Interest = $3,888
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