if greg deposits $1,700 into a savings account with a 14% simple interest rate, how much interest will he…
if greg deposits $1,700 into a savings account with a 14% simple interest rate, how much interest will he earn after 3 years?\n$?\nhint: i = prt
Answer
Explanation:
Step1: Identify the values
$P = 1700$, $R=0.14$, $T = 3$
Step2: Apply the simple - interest formula
$I=PRT=1700\times0.14\times3$ $I = 1700\times0.42$ $I = 714$
Answer:
$714$