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Can someone help me with this math problem please?
Abdul deposits into an account that pays simple interest at a rate of 3 percent per year. How much interest will he be paid in the first 6 years?
Update:
He deposits $400
Update 2:
So the answer would be 72?
2 Answers
Relevance
- 7 years agoFavorite Answer
I=Prt (simple interest)
Where
I: Intereset = ?
P: Principal = 400 $
r: Interest rate = 0.03 /year
t: period of time = 6 years
I=400*0.03*6
I=72 $
Source(s): Engineering Economics university course
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