Answer:
$126
Step-by-step explanation:
Given that:
Investment is done as per Simple interest.
Principal = $3000
Time for which the investment is to done = 7 years
Rate of interest = 6%
To find:
Interest earned when the investment matures?
Solution:
Formula for Simple Interest :
[tex]Simple\ Interest = \dfrac{PRT}{100}[/tex]
Where [tex]P[/tex] is the principal amount
[tex]R[/tex] is the Rate of Interest
[tex]T[/tex] is the time for which the investment is made
Putting the given values:
[tex]Simple\ Interest = \dfrac{3000\times 6\times 7}{100}\\\Rightarrow Simple\ Interest = \dfrac{12600}{100}\\Simple\ Interest = \$126[/tex]
Therefore, the answer is:
Interest earned is $126.
