Answer:
$549
Explanation:
First, converting R percent to r a decimal
r = R/100 = 6%/100 = 0.06 per year,
then, solving our equation
I = 3050 × 0.06 × 3 = 549
I = $ 549.00
The simple interest accumulated
on a principal of $ 3,050.00
at a rate of 6% per year
for 3 years is $ 549.00.