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11-03-2020
Mathematics

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Rita deposits $800 into an account that pays simple interest at a rate of 3% per yearHow much interest will she be paid in the first 3 years?

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11-03-2020

Answer:

$872.00

Step-by-step explanation:

A = $872.00

Equation:

A = P(1 + rt)

Calculation:

First, converting R percent to r a decimal

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

Solving our equation:

A = 800(1 + (0.03 × 3)) = 872

A = $872.00

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