Chapter 3: Q. 3.40 (page 326)

Susana invested a principal of $ $36, 000$ in her bank account with interest rate $6.5$ %. How much interest did she earn in $3$ years?

Short Answer

Expert verified

If Susana invested a principal of $ $36000$ in her bank account with interest rate $6.5$ % then she will earn $ $7020$ as simple interest in three years.

Step by step solution

Step 1. Given information

principal $P = $ 36, 000$

Interest rate $r = 6.5 % r = 0.065$

Time $t = 3$

Step 2. Interest amount

Consider the amount of interest is I

Substitute principal, interest rate, and time in Simple interest formula

$I = P r t I = (36000) (0.065) (3) I = 7020$

So the interest amount earned by Susana is $ $7020$ .

Step 3. Verification

With an interest rate of $6.5$ % and a time of $3$ years, $ $7020$ is the simple interest of the principal

$I = P r t 7020 = P (0.065) (3) 36000 = P$

So $ $7020$ is a simple interest of principal $ $36000$ with an interest rate of $6.5$ % for time of $3$ years.

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Susana invested a principal of $ $36, 000$ in her bank account with interest rate $6.5$ %. How much interest did she earn in $3$ years?

Short Answer

Step by step solution

Step 1. Given information

Step 2. Interest amount

Step 3. Verification

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Susana invested a principal of $36,000in her bank account with interest rate 6.5%. How much interest did she earn in 3years?

Short Answer

Step by step solution

Step 1. Given information

Step 2. Interest amount

Step 3. Verification

One App. One Place for Learning.

Most popular questions from this chapter

Recommended explanations on Math Textbooks

Theoretical and Mathematical Physics

Decision Maths

Mechanics Maths

Geometry

Pure Maths

Logic and Functions

Study anywhere. Anytime. Across all devices.

Susana invested a principal of $ $36, 000$ in her bank account with interest rate $6.5$ %. How much interest did she earn in $3$ years?