Question

Etta deposited 20,000 in a three year certificate of deposit that pays simple interest at a fixed annual rate of 4.9%. What total interest will Etta have earned at the end of three years?

Answer 1

P = 20,000
r = 4.9%
t = 3yrs
\[SI = \frac{ P*r*t }{ 100 }\]

Answer 2

$29.40

Answer 3

Is this correct?

Answer 4

or do I have to times it by the 3 years

Answer 5

2940

Answer 6

ok so just dont divide it by 100?

Answer 7

\[SI = \frac{ 20,000*4.9*3 }{ 100 } = 200 *4.9*3 = 2940\]

Answer 8

Thanks

Answer 9

Anytime :)