Question

Suppose you deposited $400 in a savings account 3 years ago. The simple interest rate is 3.3%. The

interest that you earned in those 3 years is $39.60. Which of the following is/are true?
1 = 3
r=3.3%
p = 400
t = 39.60





Help me please

Answer 1

Explanation:

Given parameters:

Principal = $400

Time = 3years

Interest rate = 3.3%

Interest = $39.60

Now let us verify;

I = interest

r = rate

p = principal

t = time

i = 3 incorrect, interest is $39.60

r=3.3% Correct, rate is 3.3%

p = 400 Correct, principal is 400

t = 39.60 Incorrect, time is 3years