Deon deposits $700 into an account that pays simple interest at a rate of 3% per year. How much interest will he be paid in the first 6 years?
The formula for simple interest is I = Prt, where I is the interest, P is the principal (the initial amount of money), r is the annual interest rate as a decimal, and t is the time in years.
In this case, P = $700, r = 0.03 (since 3% is the same as 0.03), and t = 6.
So the interest for the first 6 years is:
I = Prt
I = $700 x 0.03 x 6
I = $126
Therefore, Deon will be paid $126 in interest for the first 6 years.