Find the amount of simple interest earned in 3 years.
Principal: $460 Annual rate: 3.5%
I = prt
I = 460 * 3 * 0.035
I = $ 48.30
Thank you
To find the amount of simple interest earned in 3 years, we can use the formula:
Simple Interest = Principal * Rate * Time
Given:
Principal = $460
Annual rate = 3.5%
Time = 3 years
First, we need to convert the annual rate from a percentage to a decimal by dividing it by 100:
Rate = 3.5% / 100 = 0.035
Now we can substitute the values into the formula:
Simple Interest = $460 * 0.035 * 3
Simple Interest = $46.665
Therefore, the amount of simple interest earned in 3 years is approximately $46.665.