Question

What is the interest earned on $3,000 at a rate of 0.04 for 3 years? (Hint: Use the formula i = prt , where i represents the interest earned, p represents the principal, r represents the rate, and t represents the time.)

$3,360
$3,003.04
$360
$120

Answer 1

$360.

Explanation:

The interest earned on principal P, at the rate of r for the duration of t years is given by the equation I = Prt ........... (1)

Now, we have to calculate the interest earned on $3000, at the rate of 0.04 for 3 years.

Here, P = $3000, r = 0.04 and t = 3 years.

Hence, from equation (1), Interest earned, I = 3000 × 0.04 × 3 = $360 (Answer)

Answer 2

$360

Explanation:

You have to calculate the interest earned on $3,000, at the rate of 0.04 for 3 years.

P= $ 3000, R= 0.04 and t= 3 years.

3000 × 0.04 × 3= $360 (Answer)

Hope that helps

Have a good day :)