Question #5f2ef

1 Answer
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.