Problem

If you deposit $2000 in a bank that pays simple interest of 5% annually, how much interest will you earn after 3 years?

Answer

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Answer

Step 3: Simplify the expression to find the interest earned.

Steps

Step 1 ：Step 1: Identify the principal (P), the rate of interest (r), and the time (t). Here, P=$2000, r=5% or 0.05, and t=3 years.

Step 2 ：Step 2: Use the formula for simple interest, which is I=Prt. Substituting the values, we get I=2000*0.05*3.

Step 3 ：Step 3: Simplify the expression to find the interest earned.

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