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Mr. Nichols put $1,200 in a savings account at a local bank. The simple annual interest rate was 5%. How much interest did his account earn in 3 years?

Respuesta :

[tex] \bf ~~~~~~ \textit{Simple Interest Earned}
\\\\
I = Prt\qquad
\begin{cases}
I=\textit{interest earned}\\
P=\textit{original amount deposited}\to& \$1200\\
r=rate\to 5\%\to \frac{5}{100}\to &0.05\\
t=years\to &3
\end{cases}
\\\\\\
I=(1200)(0.05)(3)\implies I=180 [/tex]

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