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?

Question

08-03-2022
Mathematics

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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?

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keyana1485704 keyana1485704 · Answer 1 · 2022-03-08T21:04:36+01:00

keyana1485704 keyana1485704

08-03-2022

Answer:

Donna will be paid

$

80

as interest.

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:

Answer Link

XxxAnimeFanxxX XxxAnimeFanxxX · Answer 2 · 2022-03-08T21:10:46+01:00

XxxAnimeFanxxX XxxAnimeFanxxX

08-03-2022

Answer:

$80

Step-by-step explanation:

Did this question in class before ;D

Answer Link