Rita deposits $800 into an account that pays simple interest at a rate of 3% per yearHow much interest will she be paid in the f
irst 3 years?
1 answer:
Answer: $72
Step-by-step explanation:
Simple interest (I) is calculated as Principal × Rate × Time.
From the question, Principal = $800
Rate =3% = 3/100= 0.03
Time =3 years
Slot in the values into the formula;
I = 800 x 0.03 x 3
I= $72
I hope this is clear
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