Ask Question
29 May, 21:51

Caleb invested $8700 in a savings account with a yearly interest rate of 3% for 7 years. How much simple interest did he earn?

A. $193 B. $1827 C. $1675 D. $441

+2
Answers (1)
  1. 29 May, 22:07
    0
    Simple interest formula

    i = prt

    where i = interest earned, p = principal amount (of money invested), r = annual interest rate, t = time in years

    i = prt

    i = 8700 * 0.03 * 7

    i = 1827

    Answer: B. $1827
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Caleb invested $8700 in a savings account with a yearly interest rate of 3% for 7 years. How much simple interest did he earn? A. $193 B. ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers