SOLUTION: Joe deposits 3000 into an account that pays simple interest at a rate of 6% per year. How much interest will he be paid in the first 3 years?

Question 810014: Joe deposits 3000 into an account that pays simple interest at a rate of 6% per year. How much interest will he be paid in the first 3 years?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Joe deposits 3000 into an account that pays simple interest at a rate of 6% per year. How much interest will he be paid in the first 3 years?
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I(t) = P*r*t
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I(3) = 3000*0.06*3
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I(3) = 3000*0.18 = $540
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Cheers,
Stan H.
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