Mr. Nichols put $1,200 in a savings account at a local bank. The simple annual interest rate was 5%. How much interest did his a

ccount earn in 3 years?

Mathematics

1 answer:

satela [25.4K]3 years ago

8 0

$\bf ~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\to& \$1200\\ r=rate\to 5\%\to \frac{5}{100}\to &0.05\\ t=years\to &3 \end{cases} \\\\\\ I=(1200)(0.05)(3)\implies I=180$

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