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Suppose you deposited ​$100 in a savings account 3 years ago. The simple interest rate is 3.2 %. The interest that you earned in those 3 years is ​$9.60. Which of the following​ is/are true?
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Suppose you deposited ​$100 in a savings account 3 years ago. The simple interest rate is 3.2 %. The interest that you earned in those 3 years is ​$9.60. Which of the following​ is/are true?

User Laurentius
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1 Answer

3 votes
It's not compounded interest, you just get $3.20 every year.
$100 * 0.032 = $3.20
$3.20 * 3 years = $9.60
User Denis Kiryanov
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