How much simple interest is earned on 503 deposited in a bank for 9 years at 3% annual interest rate? You would earn in interest. If necessary, round to the nearest cent.

Solution

Solution

Interest : 135.81

Solution steps

Translate the problem into an equation:

I = 503 \cdot 0.03 \cdot 9

Simplify

I = 503 \cdot 0.03 \cdot 9

Interest : 135.81

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