The Simple Interest (I) on a Certain Amount of Money

question 39

Multiple Choice

The simple interest (I) on a certain amount of money (p) that is invested at a specified interest rate (r) for a specific period of time (t) can be found by the formula I = prt. Find the interest on a principal of $100 invested at 3% yearly for 7 years.

• A) $21.00
• B) $2100
• C) $18.90
• D) $1890.00

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