How much interest will #$500# earn in three years at #6%# simple rate of interest?

Answer 1

#$90#

#1%# simple interest means, a deposit of #$100# will earn #$1# in one year
Hence #6%# simple interest means, a deposit of #$100# will earn #$6# in one year
and so at #6%# simple interest a deposit of #$500# will earn #$6xx5=$30# in one year (as there were no withdrawals).
and at #6%# simple interest a deposit of #$500# will earn #$30xx3=$90# in three years.
In short if #P# is Principal, #r# rate of interest (in % per annum) and time is #t# years,
Simple Interest is #(Pxxrxxt)/100#, if there are no withdrawals.
Hence interest here is #(500xx6xx3)/100=90#
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Answer 2

To calculate the interest earned on $500 over three years at a simple interest rate of 6%, use the formula:

Interest = Principal × Rate × Time

Substitute the given values into the formula:

Interest = $500 × 0.06 × 3

Calculate:

Interest = $90

Therefore, the interest earned will be $90.

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Answer from HIX Tutor

When evaluating a one-sided limit, you need to be careful when a quantity is approaching zero since its sign is different depending on which way it is approaching zero from. Let us look at some examples.

When evaluating a one-sided limit, you need to be careful when a quantity is approaching zero since its sign is different depending on which way it is approaching zero from. Let us look at some examples.

When evaluating a one-sided limit, you need to be careful when a quantity is approaching zero since its sign is different depending on which way it is approaching zero from. Let us look at some examples.

When evaluating a one-sided limit, you need to be careful when a quantity is approaching zero since its sign is different depending on which way it is approaching zero from. Let us look at some examples.

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