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kobusy [5.1K]
3 years ago
14

Calculate the simple interest earned on a deposit of $3,000 at 6% for 5 years.

Mathematics
1 answer:
wel3 years ago
4 0
The simple interest formula is

i = p*r*t

where,
i = simple interest earned
p = principal (amount deposited)
r = interest rate in decimal form
t = time in years

In this case,
i = unknown for now
p = 3000
r = 0.06 (since 6% = 6/100 = 0.06)
t = 5

Let's plug in those three given values to get

i = p*r*t
i = 3000*0.06*5
i = 900

Final Answer: 900 dollars
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