Answer :
To determine how much interest you will earn in one year on an initial amount of [tex]$6,000 with an annual interest rate of 3%, follow these steps:
1. Identify the principal amount: The initial amount in the bank is $[/tex]6,000.
2. Determine the interest rate: The annual interest rate is 3%. This can be written as a decimal: 0.03.
3. Calculate the interest: Multiply the principal amount by the interest rate to find the interest earned in one year.
[tex]\[ \text{Interest earned} = \text{Principal} \times \text{Interest Rate} \][/tex]
Substituting the given values:
[tex]\[ \text{Interest earned} = 6000 \times 0.03 \][/tex]
4. Solve the multiplication:
[tex]\[ \text{Interest earned} = 180.0 \][/tex]
Thus, the interest you will earn in one year is [tex]$180. So, the correct answer is: A) $[/tex]180
2. Determine the interest rate: The annual interest rate is 3%. This can be written as a decimal: 0.03.
3. Calculate the interest: Multiply the principal amount by the interest rate to find the interest earned in one year.
[tex]\[ \text{Interest earned} = \text{Principal} \times \text{Interest Rate} \][/tex]
Substituting the given values:
[tex]\[ \text{Interest earned} = 6000 \times 0.03 \][/tex]
4. Solve the multiplication:
[tex]\[ \text{Interest earned} = 180.0 \][/tex]
Thus, the interest you will earn in one year is [tex]$180. So, the correct answer is: A) $[/tex]180
Answer:
A. 180 dollars
Step-by-step explanation:
To find the interest, we can use the formula
I = PRT , where I is the interest, P is the principle, r is the interest rate and t is the time in years.
P = 6000
R = 3% = .03
T = 1 year
I = 6000 * .03 * 1
I = 180
