Question

If $3,000 is invested at 7%for 6 months,how much simple interest is earned.

Answer 1

Answer:

106.86 dollars

Step-by-step explanation:

A = Pe^rt

A = 3,000*e^.07*.5

A = 3106.86

3106.86 - 3000 = 106.86

The reason why I multiply .07 by .5 is because 6 months is equal to half a year and t is in the form of years. 6/12 = 0.5.

Answer 2

$1260, bc the 7% interest of $3000 is $210 and 210x6 is 1260.