Question

Write an equation to find the amount of interest S450.000 earns in 1 year at a simple interest rate of 3.5%. boxes.Find the following

Equation:I=? and Amount of interest $?

Answer 1

To find the amount of interest $450,000 earns in 1 year at a simple interest rate of 3.5%, use the formula I = P * r * t.

Step-by-step explanation:

To find the amount of interest $450,000 earns in 1 year at a simple interest rate of 3.5%, we can use the simple interest formula:

I = P * r * t

Where:

• I represents the interest earned
• P is the principal amount (the initial investment)
• r is the interest rate (expressed as a decimal)
• t is the time period (in years)

Plugging in the values, we get:

I = 450000 * 0.035 * 1 = $#{450000 * 0.035 * 1}

The amount of interest earned is $#{450000 * 0.035 * 1}.