Mike is going to put his $97 in a savings account. This account earns 4% simple interest. Find the INTEREST EARNED after 5 years
1 answer:
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<u>Answer:</u>
The interest after 3 years is $360
<u>Explanation:</u>
Given the principal amount (P) = $3000
Rate of interest (R) = 0.04
Time period (T) is given as 3 years
The Simple Interest is calculated by the formula;
Substituting the values in the above formula,
SI = $360
Therefore, the interest after 3 years is $360