Answered

At IDNLearn.com, find answers to your most pressing questions from experts and enthusiasts alike. Our platform offers comprehensive and accurate responses to help you make informed decisions on any topic.

If you invest $1600 at 5% for 3 years, how much simple interest is earned?

Sagot :

Saltedpastaidn
5% of 1600 is $80.

You will get $80 added to your account every year for 3 years

You will earn $240 in simple interest.
Preyeangalapeleidn

Answer:

$240

Step-by-step explanation:

S.I=PRT/100

P=$1600

R=5%

T=3

S.I =1600*5*3/100

S.I=$240

Your engagement is important to us. Keep sharing your knowledge and experiences. Let's create a learning environment that is both enjoyable and beneficial. Your search for answers ends at IDNLearn.com. Thanks for visiting, and we look forward to helping you again soon.