Question

Garrett chooses to invest $1800 in a simple. The account earns 3% interest over 5 years which equation represents garrets investment

Answer 1

The interest earned in 5 years would be $270

Explanation:

Given:

Principal, P = $1800

Rate of interest, r = 3%

Time, t = 5 years

Simple interest, I = ?

We know,

$I = \frac{p X r X t}{100}$

On substituting the value we get

$I = \frac{1800 X 3 X 5}{100} \\\\I = 270$

Therefore, interest earned in 5 years would be $270