SOLUTION: what is the interest on $950 invested for 4 years in an account that earns simple interest at a rate of 3% per year?

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Question 946556: what is the interest on $950 invested for 4 years in an account that earns simple interest at a rate of 3% per year?
Answer by addingup(3677) About Me  (Show Source):
You can put this solution on YOUR website!
S= simple interest
P= principal
r= interest rate
t= time
S= P(r*t)
S= 950(.03*4)
S= 114 is the interest earned over 4 years