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Caleb invested $8700 in a savings account with a yearly interest rate of 3% for 7 years. How much simple interest did he earn? A. $193 B. $1827 C. $1675 D. $441
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Caleb invested $8700 in a savings account with a yearly interest rate of 3% for 7 years. How much simple interest did he earn?

A. $193 B. $1827 C. $1675 D. $441

User Janusz Skonieczny
by
7.9k points

2 Answers

3 votes

Answer:

letter b

Explanation:

User Max Lybbert
by
8.0k points
3 votes
Simple interest formula
i = prt
where i = interest earned, p = principal amount (of money invested), r = annual interest rate, t = time in years

i = prt

i = 8700 * 0.03 * 7

i = 1827

Answer: B. $1827
User Quiram
by
8.3k points
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