Find the simple interest. Round your answer to the nearest cent.
Principal = $900
Rate = 4%
Time in years = 3
George, Tiffany, or Janet -- or whatever your name is -- how do you think this problem should be solved? We'll be glad to check your answer.
Simple interest investment made for a period of 4years to R7800 with an initial investment of R4000 for this investment
To find the simple interest, you can use the formula:
Simple Interest = Principal x Rate x Time
First, convert the Rate to a decimal by dividing it by 100:
Rate = 4% / 100 = 0.04
Next, plug in the values into the formula:
Simple Interest = $900 x 0.04 x 3
Multiply the values:
Simple Interest = $108
So, the simple interest is $108.