What is the interest earned on $3,000 at a rate of 0.04 for 3 years? (Hint: Use the formula i = prt, where i represents the interest earned, p represents the principal, r represents the rate, and t represents the time.)

$360

$3,003.04

$3,360

$120

Question

What is the interest earned on $3,000 at a rate of 0.04 for 3 years? (Hint: Use the formula i = prt, where i represents the interest earned, p represents the principal, r represents the rate, and t represents the time.)



$360

$3,003.04

$3,360

$120

anonymous · Answer

Interest = percent(rate)(time)

anonymous · Answer

Sorry not percent, i mean principle. The amount of money you have

anonymous · Answer

I = (3000)(0.04)(3)
I = 360 / 3 years

Does that make sense?

anonymous · Answer

In total, you would have made 3360.
This can be calculated by making the rate 1.04

mackenzie2013 · Answer

Thank you :)