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
∵ 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
