Answer:
You have earned $67.50
Step-by-step explanation:
Since we are working with simple interest, we will use this formula:
[tex]I=Prt[/tex],
where P represents the principal amount (your deposit), r represents the rate as a decimal, and t represents the time in years. First, we need to rewrite our interest as a decimal by dividing 3% by 100:
[tex]3\div 100 = 0.03[/tex]
Now, we also know the values of P and t from the problem:
[tex]P=750\\r=0.03\\t=3[/tex]
We can substitute those values into the formula:
[tex]I=750(0.03)(3)\\I=67.5[/tex]
In context, that means you earned $67.50 in interest.
