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salantis [7]
3 years ago
10

You deposit $1200 in an account. The annual interest rate is 3%. How long will it take you to earn $108 in simple interest?

Mathematics
1 answer:
Kruka [31]3 years ago
5 0

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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