1. find the amount of interest earned in an account with an initial deposit of $800 for 15 years at an…

1. find the amount of interest earned in an account with an initial deposit of $800 for 15 years at an interest rate of 3%.

1. find the amount of interest earned in an account with an initial deposit of $800 for 15 years at an interest rate of 3%.

Answer

Explanation:

Step1: Identify the simple - interest formula

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

Step2: Convert the interest rate to decimal

The annual interest rate $r = 3%=0.03$. The principal amount $P = 800$ and the time $t = 15$ years.

Step3: Substitute values into the formula

$I=Prt=800\times0.03\times15$.

Step4: Calculate the interest

$I = 800\times0.03\times15=360$.

Answer:

$360$