Answer:
If America paid 3% interest for a year
At simple interset ,
FV = Pv(1 + it)
FV = Future value
Pv = present value
i = interest rate
t= time
FV = Pv(1 + it)
= $3900( 1+ 0.03 x 5)
= $4485
FV = PV + interest
FV - PV = interest
$4485 - $3900 = interest
interest = $585
Step-by-step explanation:
