Elementary Algebra

Published by Cengage Learning
ISBN 10: 1285194055
ISBN 13: 978-1-28519-405-9

Chapter 4 - Proportions, Percents, and Solving Inequalities - 4.2 - Percents and Problem Solving - Problem Set 4.2: 56

Answer

The interest earned will be 180 dollars.

Work Step by Step

To find the interest earned, we use the interest formula. The interest formula is: I = P $\times$ r $\times$ t. P = 1200 r = 5% = 0.05 t = 3 Substitute these values in the formula to obtain: interest earned = 1200 $\times$ 0.05 $\times$ 3 interest earned = 180 The interest earned will be 180 dollars.
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