Use the following data to solve the following questions:
-Branson Company deposited $5,800 in an account paying 2.5% annual interest. How much simple interest would Branson earn in 3 years?
A)$5,945
B) $435
C) $145
D) $446

Question

Quizplus · Accepted Answer

Simple interest can be calculated using the formula I = PRT, where I is the interest, P is the principal amount ($5,800), R is the annual interest rate (2.5% or 0.025), and T is the time in years (3). Thus, I = $5,800 * 0.025 * 3 = $435.

Use the Following Data to Solve the Following Questions