227k views
0 votes
Calculate simple interest earned on a deposit of $1000 at a rate of 3% for 10 years.​

1 Answer

4 votes


\bf ~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$1000\\ r=rate\to 3\%\to (3)/(100)\dotfill &0.03\\ t=years\dotfill &10 \end{cases} \\\\\\ I=(1000)(0.03)(10)\implies I=300

User Varvara Kalinina
by
7.8k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories