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Korolek [52]
2 years ago
7

Bill deposits $3,000 into an account that pays simple interest at a rate of 3% per year. How much interest will he be paid in th

e first 4 years?
Mathematics
1 answer:
Sholpan [36]2 years ago
6 0

Answer:

The interest he will be paid in the first 4 years is $360

Step-by-step explanation:

The rule of the simple interest is I = Prt, where

  • P is the initial deposit
  • r is the rate in decimal
  • t is the time

∵ Bill deposits $3,000 into an account

∴ P = 3000

∵ The account pays simple interest at a rate of 3% per year

∴ r = 3% = 3 ÷ 100 = 0.03

∵ The time is 4 years

∴ t = 4

→ Substitute these values in the rule above

∵ I = 3000(0.03)(4)

∴ I = 360 dollars

∴ The interest he will be paid in the first 4 years is $360

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