Question

Garrison deposited $500 in an account that earns 3% interest compounded annually. How much interest will the account earn after 6 years?

Answer 1

`~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$500\\ r=rate\to 3\%\to (3)/(100)\dotfill &0.03\\ t=years\dotfill &6 \end{cases} \\\\\\ I = (500)(0.03)(6)\implies I=90`