Respuesta :
Answer:
$1.26
Step-by-step explanation:
$700 times 0.06 times 3 = 126
126 divided 100 = 1.26
the formula of simple interest is
Amount times Rate times Time divided by 100
Trey deposits $700 into an account that pays simple interest at a rate of 6% per year. $1.26 interest he will be paid in the first 3 years.
What is simple interest?
Simple interest is a method of calculating the interest charge. Simple interest can be calculated as the product of principal amount, rate and time peroid.
Simple Interest = (Principal × Rate × Time) / 100
Trey deposits $700 into an account that pays simple interest at a rate of 6% per year.
Simple Interest = (Principal × Rate × Time) / 100
= $700 x 0.06 x 3
= 126 / 100
= 1.26
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