Given:
Principal = $50
Rate of simple interest = 6%
Time = 3 years
To find:
The amount after 3 years.
Solution:
Formula for simple interest:
[tex]I=\dfrac{P\times r\times t}{100}[/tex]
Where, P is principal, r is the rate of interest in percentage and t is the number of years.
Putting [tex]P=50,\ r=6,\ t=3[/tex] in the above formula, we get
[tex]I=\dfrac{50\times 6\times 3}{100}[/tex]
[tex]I=\dfrac{900}{100}[/tex]
[tex]I=9[/tex]
Formula for amount is:
[tex]A=P+I[/tex]
Where, P is principal and I is the simple interest.
Putting [tex]P=50,\ I=9[/tex], we get
[tex]A=50+9[/tex]
[tex]A=59[/tex]
Therefore, the correct option is B.
