Question

Connie deposited $1200 in a new account that earns 3% simple interest. After 7 years, how much interest will she have earned?​

Answer 1

$252

Explanation:

First, converting R percent to r a decimal

r = R/100 = 3%/100 = 0.03 per year,

then, solving our equation

I = 1200 × 0.03 × 7 = 252

I = $ 252.00

The simple interest accumulated

on a principal of $ 1,200.00

at a rate of 3% per year

for 7 years is $ 252.00.