Question

Dawnie deposited 350 In a savings account earns 3% simple interest over three years , what was the total amount of interest earned at the end of 3 years

Answer 1

To calculate the total amount of interest earned at the end of 3 years with a simple interest rate of 3%, multiply the principal, rate, and time together is $31.50.

Step-by-step explanation:

To calculate the total amount of interest earned at the end of 3 years with a simple interest rate of 3%, you can use the formula:

Interest = Principal x Rate x Time

Given that Dawnie deposited $350 and the interest rate is 3% for 3 years, we can plug the values into the formula:

Interest = $350 x 0.03 x 3 = $31.50

Therefore, the total amount of interest earned at the end of 3 years is $31.50.

Answer 2

Find out the total amount of interest earned at the end of 3 years .

To prove

Formula

`Simple\ interest = (Principle* rate* time)/(100)`

As given

Dawnie deposited $350 In a savings account earns 3% simple interest over three years .

Here Principle = $350

Interest = 3%

Time = 3 years

Put in the above formula

`Simple\ interest = (350* 3* 3)/(100)`

`Simple\ interest = (3150)/(100)`

Simple interest = $31.5

Therefore $31.5 is the total amount of the interest in 3 years.