Katrina deposited $500 into a savings account that pays 4% simple interest. How much interest will she earn in 3 years if she makes no additional deposits? Round your answer to the nearest cent.

the amount of interest after 3 years is $60

Step-by-step explanation:

The formula for determining simple interest is expressed as

I = PRT/100

Where

I represents interest paid on the amount of money deposited.

P represents the principal or amount of money deposited.

R represents interest rate on the deposit.

T represents the duration of the deposit in years.

From the information given,

P = $500

R = 4%

T = 3 years

Therefore,

I = (500 × 4 × 3)/100

I = $60

0.16 or 16%

step-by-step explanation:

lets take a coin for example.

if you toss it twice, it has a 1/4 chance of landing on heads both times because 1/2 * 1/2 is 1/4.

with the cards, the chance of picking dog is 0.4. having two people pick one is like picking a card twice in a row. so 0.4 * 0.4 is 0.16, or 16%