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3 years ago

Calculate simple interest earned on a deposit of $1000 at a rate of 3% for 10 years.

1 answer:

4 0

$\bf ~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$1000\\ r=rate\to 3\%\to \frac{3}{100}\dotfill &0.03\\ t=years\dotfill &10 \end{cases} \\\\\\ I=(1000)(0.03)(10)\implies I=300$

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Calculate simple interest earned on a deposit of $1000 at a rate of 3% for 10 years.​

Calculate simple interest earned on a deposit of $1000 at a rate of 3% for 10 years.