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Answer:
$126
Step-by-step explanation:
Given that:
Investment is done as per Simple interest.
Principal = $3000
Time for which the investment is to done = 7 years
Rate of interest = 6%
To find:
Interest earned when the investment matures?
Solution:
Formula for Simple Interest :
Where is the principal amount
is the Rate of Interest
is the time for which the investment is made
Putting the given values:
Therefore, the answer is:
Interest earned is <em>$126</em>.