frank invested $5000 at 3% simple interest. part: 0 / 2 part 1 of 2 (a) how much interest will he earn each…

frank invested $5000 at 3% simple interest. part: 0 / 2 part 1 of 2 (a) how much interest will he earn each year? the amount of interest earned each year is $

frank invested $5000 at 3% simple interest. part: 0 / 2 part 1 of 2 (a) how much interest will he earn each year? the amount of interest earned each year is $

Answer

Explanation:

Step1: Recall simple - interest formula

The simple - interest formula for one - year interest is $I = Pr$, where $P$ is the principal amount and $r$ is the annual interest rate (in decimal form).

Step2: Convert the percentage to decimal

The interest rate $r = 3%=0.03$, and the principal amount $P = 5000$.

Step3: Calculate the interest

Substitute $P = 5000$ and $r = 0.03$ into the formula $I = Pr$. So, $I=5000\times0.03 = 150$.

Answer:

150