Question #5f2ef

1 Answer
Petra H
Apr 2, 2017

#I=1200*.03*5#, so #I# is $180.

Explanation:

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Following the simple interest formula, #I=P*R*T#.

We're trying to find the total money after three years, so we're solving for #I#.

We have our #P#, the staring amount, as $1200. We have our #R#, rate per year, at #3%#, or #.03#. We then have our #T# in years, 5.

We would then plug our numbers into the equation.

#I=1200*.03*5#. Plug the multiplication into a calculator, and you'd get $180.

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