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9 June, 17:13

Calculate the simple interest earned on a deposit of $3,000 at 6% for 5 years.

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  1. 9 June, 17:32
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    The simple interest formula is

    i = p*r*t

    where,

    i = simple interest earned

    p = principal (amount deposited)

    r = interest rate in decimal form

    t = time in years

    In this case,

    i = unknown for now

    p = 3000

    r = 0.06 (since 6% = 6/100 = 0.06)

    t = 5

    Let's plug in those three given values to get

    i = p*r*t

    i = 3000*0.06*5

    i = 900

    Final Answer: 900 dollars
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