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3 years ago

Prince Charming invests $3000 for 5 years at a rate of 4% per year simple interest.

Mathematics

1 answer:

ELEN [110]3 years ago

7 0

Answer:

$ 600

Step-by-step explanation:

From the question given above, the following data were obtained:

Principal (P) = $ 3000

Time (T) = 5 years

Rate (R) = 4%

Interest (I) =?

The total interest he will receive can be obtained as follow:

I = PTR/100

I = 3000 × 5 × 4 / 100

I = 60000 / 100

I = $ 600

Thus, the total interest he will receive is $ 600

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