Alonzo deposits $3000 into an account that pays simple interest at a rate of 4% per year. How much interest will he be paid in the first 6 years?
Added by Krista M.
Step 1
The formula is: \[ \text{Interest} = P \times r \times t \] where \( P \) is the principal amount (initial deposit), \( r \) is the annual interest rate (in decimal), and \( t \) is the time in years. Show more…
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