Question
Declan invested $12,000 at a simple interest rate of 4.75% for 3 years. How much interest did he earn?
$570
$1,710
$5,700
$13,710
$570
$1,710
$5,700
$13,710
Answers
GPT 3.5
To calculate the interest earned, use the formula: Interest = Principal x Rate x Time
The principal (P) is $12,000, the rate (R) is 4.75%, and the time (T) is 3 years.
Therefore, the interest earned is: $12,000 x 0.0475 x 3 = $1,710
So the correct answer is: $1,710
The principal (P) is $12,000, the rate (R) is 4.75%, and the time (T) is 3 years.
Therefore, the interest earned is: $12,000 x 0.0475 x 3 = $1,710
So the correct answer is: $1,710