SOLUTION: If $5000 is deposited into an account earning simple interest at an annual interest rate of 4% for 3 years, how much interest was earned?

SOLUTION: If $5000 is deposited into an account earning simple interest at an annual interest rate of 4% for 3 years, how much interest was earned?

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Question 903205: If $5000 is deposited into an account earning simple interest at an annual interest rate of 4% for 3 years, how much interest was earned?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
I=Prt
I=5000*0.04*3
I=$600
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