Jordan invested $800 in a savings account. The interest rate is 6% per year. Find the simple interest earned in 3 years. Then find the total of principal plus interest.
$144.00; $944.00
$48.00; $848.00
$152.81; $952.81
$14,400.00; $15,200.00
To find the simple interest earned in 3 years, we use the formula:
Simple Interest = Principal x Rate x Time
Simple Interest = $800 x 0.06 x 3 = $144.00
So, the simple interest earned in 3 years is $144.00.
To find the total of principal plus interest:
Total = Principal + Simple Interest = $800 + $144.00 = $944.00
Therefore, the correct answer is: $144.00; $944.00