Question

Which equation demonstrates that use of a simple interest formula , l=PRT , to compute the investment earned on $70 at 3% For 12 years ?

Answer 1

I = (70) x (0.03) x (12)

Explanation:

Answer 2

I = (70) x (0.03) x (12)

Explanation:

The general formula of simple interest formula is: I = PRT where I = simple interest, P = principal amount, R = interest rate, T = time (in years). Given that the initial investment is $70, the interest rate is 3% (or 0.03 as a decimal) and the time is 12 years, you can form the following:

I = (70) x (0.03) x (12)