addielomu addielomu
  • 07-12-2020
  • Mathematics
contestada

Calculate the simple interest earned on an investment of $1560 at 3% per year for 5 years. Give the answer to the nearest cent.

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sqdancefan
sqdancefan sqdancefan
  • 07-12-2020

9514 1404 393

Answer:

  $234.00

Step-by-step explanation:

Simple interest is computed using the formula ...

  I = Prt

when principal P is invested at annual rate r for t years.

  i = $1560×0.03×5 = $234.00

The interest earned is $234.00.

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