Question

Find the missing value round your answer to the nearest cent

Answer 1

Remember that

The simple interest formula is equal to

`I=P\left(rt\right)`

where

I is the Final Interest Value

P is the Principal amount of money to be invested

r is the rate of interest

t is the Number of Time Periods

in this problem we have

P=$19,000

r=3%=0.03

t=3 years

substitute in the formula above

`\begin{gathered} I=19,000(0.03*3) \\ I=\$1,710 \end{gathered}`

Simple interest is $1,710