What is the interest earned on $3,000 at a rate of 0.04 for 3 years? (Hint: Use the formula i = prt , where i represents the interest earned, p represents the principal, r represents the rate, and t represents the time.)
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What is the interest earned on 3,000 Rs. at a rate of 0.04 for 3 years? (Hint: Use the formula I = PRT , where I represents the interest earned, P represents the principal, R represents the rate, and T represents the time.)
Principal (P) = 3000 Rs.
Rate (R) = 0.04
Time (T) = 3 years
Simple interest (S. I)
We know that,
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