Question

Alex has $30,000 in his savings account that earns 10% annually. How much interest will he earn in on year?

Answer 1

The interest he earns in one year is $3000

Explanation:

We are given

Alex has $30,000 in his savings account that earns 10% annually

so,

P=30000

r=10%

t=1 years

now, we can find interest

`I=(P* r* 1)/(100)`

now, we can plug values

`I=(30000* 10* 1)/(100)`

now, we can simplify it

`I=3000`

So,

The interest he earns in one year is $3000