6. find the simple interest earned if $3,000 were invested at a rate of 6% annually for 2 years.
6. find the simple interest earned if $3,000 were invested at a rate of 6% annually for 2 years.
Answer
Explanation:
Step1: Identify the simple - interest formula
The formula for simple interest is $I = Prt$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years.
Step2: Convert the interest rate to decimal
The annual interest rate $r = 6%=0.06$. The principal amount $P = 3000$ and the time $t = 2$ years.
Step3: Substitute values into the formula
$I=Prt=3000\times0.06\times2$.
Step4: Calculate the result
$3000\times0.06\times2 = 360$.
Answer:
$360$