Question

Prince Charming invests $3000 for 5 years at a rate of 4% per year simple interest.
Calculate the total interest he will receive.
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Answer 1

Answer:

$ 600

Step-by-step explanation:

From the question given above, the following data were obtained:

Principal (P) = $ 3000

Time (T) = 5 years

Rate (R) = 4%

Interest (I) =?

The total interest he will receive can be obtained as follow:

I = PTR/100

I = 3000 × 5 × 4 / 100

I = 60000 / 100

I = $ 600

Thus, the total interest he will receive is $ 600

Answer 2

The amount of $600 received by Prince Charming on the investment of $3000 for 5 years.

Prince Charming invests $3000, thus the principal amount is $3000.

He invest the same amount for 5 years, thus time we have to paid on this principal is 5 years.

The rate for which the principal amount increase is 4 %.

The formulated way to represent the simple interest (I) after passing t years of time, at a rate of r % and having a principal amount of P is mentioned below.

$I=\dfrac{P \times r \times t}{100}$

Substitute the given values in the above formula to calculate simple interest.

$\begin{aligned}I&=\dfrac{3000 \times 4 \times 5}{100}\\&=600 \end{aligned}$

Thus, the amount of $600 received by Prince Charming on the investment of $3000 for 5 years.

To know more about the simple interest, please refer to the link:

https://brainly.com/question/23266303