An amount of $3000 is deposited for one year at an interest rate of 5.5% per annum. how much interest will be earned?

$165

Step-by-step explanation:

In 1 years, you will have $165.00 of simple interest.

Calculations: The Final Investment Value, using the simple interest formula: A = P(1 + rt) where P is the Principal amount of money to be invested at an Interest Rate R% per period for t Number of Time Periods.  Where r is in decimal form; r=R/100; r and t are in the same units of time.

The accrued amount of an investment is the original principal P plus the accumulated simple interest, I = Prt, therefore we have:

A = P + I = P + (Prt), and finally A = P(1 + rt)

Calculate Total Amount Accrued (Principal + Interest), solve for A

A = P(1 + rt)

Calculate Principal Amount, solve for P

P = A / (1 + rt)

Calculate rate of interest in decimal, solve for r

r = (1/t)(A/P - 1)

Calculate rate of interest in percent

R = r * 100

Calculate time, solve for t

t = (1/r)(A/P - 1)

answer: the is put the 450

step-by-step explanation: