Question

Marsha deposited $9000 into savings account 3 years ago. the simple interest rate is 4%. how much money did Martha earn in interest

Answer 1

use the formula for the simple interest

$I=p\cdot r\cdot t$

in which

p= principal

r= rate (decimal)

t= time (years)

replace in the formula

$I=9000\cdot0.04\cdot3$

Solve

$I=1080$