Calculate the amount of interest you'll have at the end of the indicated period.
-You invest $33,200 in an account that pays simple interest of 3% for 1 year(s).

Question

Quizplus · Accepted Answer

Simple interest is calculated using the formula $I = P \times r \times t$, where $I$ is the interest, $P$ is the principal amount ($33,200), $r$ is the annual interest rate (3% or 0.03), and $t$ is the time in years (1). Thus, $I = 33,200 \times 0.03 \times 1 = 996$.

Calculate the Amount of Interest You'll Have at the End