Question

Dominica $2000 for 3years at an interest rate of 7% how much interest did she earn on her money?​

Answer 1

To calculate the interest earned, use the formula Interest = Principal x Rate x Time. Dominica earned $420 in interest on her $2000 deposit over 3 years.

Step-by-step explanation:

To calculate the interest earned, we need to use the formula:

Interest = Principal imes Rate imes Time

Given:
Principal = $2000
Rate = 7% = 0.07
Time = 3 years

Plugging in the given values, we get:

Interest = $2000 imes 0.07 imes 3 = $420

Therefore, Dominica earned $420 in interest on her $2000 deposit over 3 years.

Answer 2

$420

Step-by-step explanation:

The formula for simple interest is i = prt, where p is the principal, r is the annual interest rate expressed as a decimal fraction, and t is the number of years.

Here p = $2,000, r = 0.07 and t = 3 yr, and so

i = ($2,000)(0.07)(3) = $420 was the amount of interest earned.