SOLUTION: Jane deposits $400 into an account that pays simple interest at a rate of 3% per year. How much interest will she be paid in the first years?

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Question 817780: Jane deposits $400 into an account that pays simple interest at a rate of 3% per year. How much interest will she be paid in the first years?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 
Hi,
I = Prt = 400%28.03%291+ = $12.00