Question

Find the amount of interest earned in an account with an initial deposit of $800 for 15 years at an interest rate of 3%

Answer 1

To find the amount of interest earned, use the formula for simple interest: Interest = Principal * Rate * Time. Plugging in the given values, the interest earned is $360.

Step-by-step explanation:

To find the amount of interest earned in an account with an initial deposit of $800 for 15 years at an interest rate of 3%, you can use the formula for simple interest:

Interest = Principal * Rate * Time

In this case, the principal is $800, the rate is 3% (or 0.03), and the time is 15 years. Plugging these values into the formula:

Interest = $800 * 0.03 * 15

Therefore, the amount of interest earned is $360.

Answer 2

interest =360

Step-by-step explanation:

Using the formula i = prt (interest =principal x rate x time)

From the information provided p=800, t=15, r=3% (0.03)

i= 800x0.03x15

i=360