Question

How much simple interest is earned after 3 years if a person invests $2,000 at 7 percent a year?(1 point)

Answer 1

[AI-generated answer — Bot GPT 3.5]

The simple interest earned after 3 years can be calculated using the formula:

I = P * r * t

where:
I = interest earned
P = principal amount (initial investment)
r = interest rate
t = time in years

In this case:
P = $2,000
r = 7% (0.07)
t = 3

Plugging these values into the formula:

I = $2,000 * 0.07 * 3

I = $1,260

Therefore, the simple interest earned after 3 years is $1,260.

Answer 2

rong