Find the simple interest of $3800 at an annual rate of 3.5% for 3 years.
I = PRT
I = 3,800 * 0.035 * 3
I = ?
To find the simple interest, you can use the formula:
Simple Interest = Principal * Rate * Time
where:
Principal is the initial amount (in this case, $3800),
Rate is the annual interest rate (in this case, 3.5% or 0.035 as a decimal),
Time is the number of years (in this case, 3 years).
Let's plug in the values and calculate the simple interest:
Simple Interest = $3800 * 0.035 * 3
Calculating this expression, we get:
Simple Interest = $399.00
Therefore, the simple interest on $3800 at an annual rate of 3.5% for 3 years is $399.00.