Calculate principal times rate times time

Question

Calculate the amount of money you have at the end of the indicate a time. You’ve invest $3000 in an account that pays simple interest of 3% for 20 years.

Answer 1

First lets calculate the interest you make from that amount using I= PRT

where,

I = Interest

P= Investment (3000)

R= Interest Rate (.03)

T= Time (in years) (20)

I= (3000)(.03)(20)

I= $1800

So now add this amount to your initial investment and you end up with:

$1800+ $3000= $4800.