Question

Nicole deposits $600 into an account that pays simple interest at a rate of 3% per year. How much interest will she be paid in the first 5 years?

Answer 1

$80

Step-by-step explanation:

Did this question in class before ;D

Answer 2

Donna will be paid

$

80

as interest.

Step-by-step explanation:

S

I

=

P

×

R

×

T

100

Applying the formula for simple interest we get:

S

I

=

800

×

2

×

5

100

S

I

=

8

00

×

2

×

5

1

00

S

I

=

8

×

2

×

5

S

I

=

80

Step-by-step explanation: