Answer:
$252
Step-by-step explanation:
First, converting R percent to r a decimal
r = R/100 = 3%/100 = 0.03 per year,
then, solving our equation
I = 1200 × 0.03 × 7 = 252
I = $ 252.00
The simple interest accumulated
on a principal of $ 1,200.00
at a rate of 3% per year
for 7 years is $ 252.00.
