The simple interest earned on a deposit of $3,000 at 6% for 5 years.
3000*.06*5 = 900
To calculate the simple interest earned on a deposit, you can use the formula:
Simple Interest = Principal x Rate x Time
In this case, the principal amount (P) is $3,000, the rate (R) is 6%, and the time (T) is 5 years.
First, convert the rate from a percentage to a decimal by dividing it by 100:
Rate = 6% / 100 = 0.06
Now, substitute the values into the formula:
Simple Interest = $3,000 x 0.06 x 5
Simplifying the equation:
Simple Interest = $3,000 x 0.3
Simple Interest = $900
Therefore, the simple interest earned on a deposit of $3,000 with an interest rate of 6% for 5 years is $900.