Question

Taylor wants to figure out how much interest she will earn if she keeps five hundred
dollars in her savings account for two years at a simple annual interest rate of three
percent. She has already entered the principal and time into the I equals P R T formula,
but isn’t sure how to enter the interest rate. Fill it in for her

Answer 1

I = PRT
I = (500)(.03)(2)

Interest rate....3%....turn it into a decimal.. 0.03