Answer:
Step-by-step explanation:
The formula for determining simple interest is expressed as
I = PRT/100
Where
I represents interest paid on the investment.
P represents the principal or amount invested.
R represents interest rate
T represents the duration of the investment in years.
From the information given,
P = $1
R = 4.6%
1) When t = 30 years,
I = (1 × 4.6 × 30)/100 = $1.38
2) When t = 45 years,
I = (1 × 4.6 × 45)/100 = $2.07
3) When t = 65 years,
I = (1 × 4.6 × 65)/100 = $2.99