What is The simple interest earned on a deposit of $3000 at 6% for five years
1 answer:
Answer: $900
Step-by-step explanation:
The simple interest is calculated using the formula:
(P × R × T)/100
where,
P = Principal = $3000
R = Rate = 6%
T = Time = 5 years
Simple Interest = (P × R × T)/100
= ($3000 × 6 × 5)/100
= 90000/100
= $900
Therefore, the simple interest is $900
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