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Chapter 2: Q. 149 (page 130)

Robin deposited $31,000 in a bank account that earned simple interest at an interest rate of 5.2%. How much interest was earned in three years?

Short Answer

Expert verified

Simple interest earned in 3 years is $4836.

Step by step solution

01

Given information.

Pricipal,P=$31,000Rate,r=5.2%=0.052Time,t=3yearsInterest,I=?

02

Calculate the simple interest.

Use the following formula and solve for unknown value.

I=Prt=31000脳0.052脳3=4836

so, interest earned in given time is $4836.

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