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Charis invested
$140. She earned a simple interest of
3% per year on the initial investment. If no money was added or removed from the investment, what was the amount of interest Charis received at the end of two years?

Charis invested $\$ 140$ . She earned a simple interest of $3 \%$ per year on the initial investment. If no money was added or removed from the investment, what was the amount of interest Charis received at the end of two years?

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Exponential growth and decay: word problems

Full solution

Q. Charis invested

\$ 140

. She earned a simple interest of

3 \%

per year on the initial investment. If no money was added or removed from the investment, what was the amount of interest Charis received at the end of two years?

Define Formula: Determine the formula for calculating simple interest. $\newline$ Simple interest can be calculated using the formula $I = PRT$ , where $I$ is the interest, $P$ is the principal amount, $R$ is the rate of interest per year, and $T$ is the time in years.
Identify Values: Identify the values of $P$ , $R$ , and $T$ from the problem. $P$ (principal) = $\$140$ $R$ (rate) = $3\%$ per year = $0.03$ (as a decimal) $T$ (time) = $2$ years
Calculate Interest: Calculate the simple interest using the values of $P$ , $R$ , and $T$ . $I = PRT$ $I = (\$140) \times 0.03 \times 2$
Perform Multiplication: Perform the multiplication to find the interest. $\newline$ $I = (\$)140 \times 0.03 \times 2$ $\newline$ $I = (\$)140 \times 0.06$ $\newline$ $I = (\$)8.40$

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