Given Data:
The initial investment is: P=$100
The total period of investment is: t=3
The annual interest is: 6%.
For the simple interest, the expression to calculate the interest in t years is,
[tex]I=(P\times\frac{r}{100})\times t[/tex]Here r is in percentage.
Substitute known values in the above expression.
[tex]\begin{gathered} I=(100\times\frac{6}{100})\times3 \\ =(6)\times3 \\ =18 \end{gathered}[/tex]Thus, the total intrest for 3 years will be $18.
