Question

Ahmad deposits $3000 into an account that pays simple interest at a rate of 6% per year. How much interest will he be paid in the first 2 years

Answer 1

Answer: $ 360

Explanation:

Given

Initial deposit P( Principal)=
`\$\ 3000`

Rate of interest R=6%

Time T=2 years

We know in Simple Interest

`S.I.=(P* R* T)/(100)`

Putting values

`S.I.=(3000* 6* 2)/(100)=30* 12\\S.I.=\$\ 360`