KenedeeA679907 KenedeeA679907
  • 27-10-2022
  • Mathematics
contestada

Find the interest earned given the following:Amount needed: $12,300Time in years: 3Interest: 6%Compounded: Annually

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HydeeI197798 HydeeI197798
  • 27-10-2022

As given by the question

There are given that the value to find the interest is:

[tex]\begin{gathered} \text{Amount}=12300 \\ \text{Time}=3 \\ \text{Interest 6\%} \end{gathered}[/tex]

Now,

From the formula to find the interest:

[tex]I=P\times r\times t[/tex]

Where,

[tex]\begin{gathered} P=12300 \\ T=3 \\ I=6\%=0.06 \end{gathered}[/tex]

Then,

Put all values into the given formula:;

So,

[tex]\begin{gathered} I=P\times r\times t \\ I=12300\times0.06\times3 \\ I=2214. \end{gathered}[/tex]

Hence, the interest earned is $2214.

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