keith deposits $300 into an account that pays simple interest at a rate of 4% per year. how much interest…

keith deposits $300 into an account that pays simple interest at a rate of 4% per year. how much interest will he be paid in the first 3 years?

Answer

$36$

$I = Prt$, 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.

$r=4% = 0.04$

$P = 300$, $t = 3$

$I=Prt=300\times0.04\times3$

$I = 36$