nancy deposited $5,000 into a savings account with a 3% simple interest rate. how much interest will she…
nancy deposited $5,000 into a savings account with a 3% simple interest rate. how much interest will she earn after 5 years? hint: i = prt
Answer
Answer:
$750$
Explanation:
Step1: Identify values
$P = 5000$, $R=0.03$, $T = 5$
Step2: Apply formula
$I=PRT=5000\times0.03\times5$
Step3: Calculate result
$I = 750$