Which equation demonstrates the use of a simple interest formula, I = P r t, to compute the interest earned on $70 at 3% for 12 years?
I = (70) times (0.12) times (3)
I = (70) times (0.03) times (12)
I = (70) times (0.3) times (12)
I = (70) times (1.2) times (3)
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