Answer:
The interest after 3 years is $360
Explanation:
Given the principal amount (P) = $3000
Rate of interest (R) = 0.04
Time period (T) is given as 3 years
The Simple Interest is calculated by the formula;
[tex]SI = Principal \times Rate of Interest \times Time[/tex]
Substituting the values in the above formula,
[tex]SI = 3000 \times 0.04 \times 3[/tex]
SI = $360
Therefore, the interest after 3 years is $360
