Question

Caleb invested $8700 in a savings account with a yearly interest rate of 3% for 7 years. How much simple interest did he earn?

A. $193 B. $1827 C. $1675 D. $441

Answer 1

Simple interest formula
i = prt
where i = interest earned, p = principal amount (of money invested), r = annual interest rate, t = time in years

i = prt

i = 8700 * 0.03 * 7

i = 1827

Answer: B. $1827

Answer 2

Answer:

letter b

Step-by-step explanation: