Question

Calculate the interest earned on a savings account with $820.00 that is invested at 4% annual simple interest for 3 years.

A $29.10
B $32.80
C $98.40
D $131.20

Answer 1

✿
`\mathsf{Simple\;Interest = ((Principal * Rate\;of\;Interest * Time\;period)/(100))}`

Given : Principal = $820

Given : Rate of Interest = 4%

Given : Time period = 3 yrs

`\mathsf{\implies Simple\;Interest = ((820)(4)(3))/(100)}`

`\mathsf{\implies Simple\;Interest = (8.2)(12)}`

`\mathsf{\implies Simple\;Interest = 98.40}`

Option (C) is the Answer