Answer:
To calculate the interest earned after 3 years with simple interest, you can use the formula:
Interest = Principal * Rate * Time
Where:
- Principal is the initial amount deposited, which is $1000 in this case.
- Rate is the interest rate per year, which is 4% or 0.04 as a decimal.
- Time is the number of years, which is 3 years.
Plugging in the values, we get:
Interest = $1000 * 0.04 * 3 = $120
Therefore, Kedron earns $120 in interest after 3 years.
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Answers & Comments
Answer:
To calculate the interest earned after 3 years with simple interest, you can use the formula:
Interest = Principal * Rate * Time
Where:
- Principal is the initial amount deposited, which is $1000 in this case.
- Rate is the interest rate per year, which is 4% or 0.04 as a decimal.
- Time is the number of years, which is 3 years.
Plugging in the values, we get:
Interest = $1000 * 0.04 * 3 = $120
Therefore, Kedron earns $120 in interest after 3 years.