Leonard makes a $3000 deposit for 15 years at a simple interest rate of 3%. What is the amount of interest earned?

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asked Apr 4, 2021 93.6k views

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Leonard makes a $3000 deposit for 15 years at a simple interest rate of 3%. What is the amount of interest earned?

Mathematics
high-school

Rctneil asked

by Rctneil

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2 Answers

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Answer:

Options?

Explanation:

Chris Peckham answered Apr 5, 2021

by Chris Peckham

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2 votes

Answer:

1350

Explanation:

The formula says

Interest earned=deposited amount ×interest rate × time

Interest earned=3,000×0.03×15=1350

Daman Arora answered Apr 10, 2021

by Daman Arora

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