To find the simple interest earned after 3 years, we can use the formula:
Simple Interest = Principal * Rate * Time
Here, the principal (P) is $2,000, the rate (R) is 7%, and the time (T) is 3 years.
Substituting the values into the formula, we get:
Simple Interest = $2,000 * 0.07 * 3
= $420
Therefore, the person earns $420 in simple interest after 3 years.
How much simple interest is earned after 3 years if a
person invests $2,000 at 7 percent a year? (1 point)
1 answer