Question

suppose you deposited $300 in a savings account 4 years ago.The simple interest rate is 3.1%.The interest that you earned in those 4 years is 37.20.Which of the following is/are true?which of the following is/are true? select all that apply.A.l=37.20B.t=4c.p=3.1%D.r=300

Answer 1

Since we know that the interest earned is 37.20 therefore

`I=37.20`

We also know that you leaved the money in the account for 4 years then:

`t=4`

Now, the principal was P=$300 and the interest rate is r=0.031.

Therefore the true statements are A and B.