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Chapter 3: Q. 123 (page 334)

Robin deposited $31,000 in a bank account with interest rate 5.2%. How much interest was earned in 3 years?

Short Answer

Expert verified

The interest earned in 3 years will be $4836.

Step by step solution

01

Step. 1 Given Information

We have principle amount p=$31,000

rate of interest r=5.2%=0.052

Time in yearst=3years

02

Step. 2 Formula and calculation for simple interest

As we know the formula to find the simple interest is:

I=prt,wherepisindollars,ristherateandtisthetimeinyears.

So, putting the values in the formula we get the total interest earned which is as follows:

I=prtI=31,000×0.052×3I=4836

So, the total interest earned is $4836.

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