Question

Question #5f2ef

Answer 1

`I=1200*.03*5`, so `I` is $180.

Explanation:

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.