You invest $
3000
3000 in an account that pays simple interest of
6
6% for
20
20 years.
What is your question?
P = Po + Po*r*t = 3000 + 3000*0.06*20 = 3,000 + 3600 =
To calculate the interest earned on your investment, you need to use the simple interest formula:
Interest = Principal × Rate × Time
Given:
Principal (P) = $3000
Rate (R) = 6% or 0.06 (in decimal form)
Time (T) = 20 years
Substituting the values into the formula:
Interest = $3000 × 0.06 × 20
Interest = $3600
Therefore, the interest earned on your investment after 20 years would be $3600.