if $450 is deposited in an account with a simple interest rate of 2.1%, how much interest is added into the…

if $450 is deposited in an account with a simple interest rate of 2.1%, how much interest is added into the account after 3 years?\n$9.45\n$28.35\n$459.45\n$478.35

if $450 is deposited in an account with a simple interest rate of 2.1%, how much interest is added into the account after 3 years?\n$9.45\n$28.35\n$459.45\n$478.35

Answer

Answer:

B. $28.35

Explanation:

Step1: Identify the formula

The simple - interest formula is $I = Prt$, where $P$ is the principal amount, $r$ is the interest rate (in decimal form), and $t$ is the time in years.

Step2: Convert the interest rate

The interest rate $r = 2.1%=0.021$. The principal $P = 450$ and the time $t = 3$ years.

Step3: Calculate the interest

Substitute the values into the formula: $I=450\times0.021\times3$. First, $450\times0.021 = 9.45$. Then, $9.45\times3=28.35$. So the interest added is $28.35$.