Question

Uestion: How much interest is earned from $1,300 invested at a simple interest rate of 7.75%

for 3 years?
I = Prt

Answer 1

$302.25

Explanation:

First, change 7.75% into the decimal form. The work is shown below:

7.75% ->
`(7.75)/(100)` -> 0.0775

Using the equation
`I=Prt`, lets plug in the values.:

`I=1,300(0.0775)(3)`

`I=302.25`

$302.25 worth of interest was earned after 3 years.