The Solution:
Given:
Lella deposited $600 into an account that pays 2% simple interest per year.
Required:
To find the interest Lella will get in the first 3 years.
To find the interest, we shall use the formula below:
[tex]I=\frac{PRT}{100}[/tex]In this case,
[tex]\begin{gathered} P=\text{amount deposited=\$600} \\ T=\text{time in years =3 years} \\ R=\text{rate in percent=2\%} \\ I=\text{simple interest paid=?} \end{gathered}[/tex]Substituting these values in the above formula, we get
[tex]I=\frac{600\times2\times3}{100}=6\times2\times3=\text{ \$36}[/tex]Thus, the interest she will be paid in 3 years is $36.00
Therefore, the correct answer is $36.00
