Answer:
$40.50
Step-by-step explanation:
The formula we'll use for this is the simple interest formula, or:
I= P × r × t
Where:
P is the principal amount, which is $300.00.
r equals the interest rate, which 4.5% per year, or as a decimal, 4.5/100=0.045.
t equals time involved, which is 3 years
To find the simple interest, we multiply 300 × 0.045 × 3 to get that the interest is: $40.50
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