Question

Brianna deposited $680 into a savings account that pays a simple annual interest rate of 1.29%. How much interest will she earn after 3 years ?

A. $8.77
B. $15.81
C. $20.40
D. $26.32

Answer 1

Here's what I got.

680 X 1.29/100 X 3 = $26.32

ANSWER is D)

Answer 2

Option (d) is correct.

The interest that she will earn after 3 years is $ 26.32.

Explanation:

Given : Brianna deposited $680 into a savings account that pays a simple annual interest rate of 1.29%.

We have to calculate the interest that she will earn after 3 years.

Using simple interest formula,

`SI=P* r* t}`

Where, P is principal

r is rate of interest

t is time period.

For the given data,

P = $ 680

r = 1.29% = 0.0129

t = 3 years.

Substitute, we have,

`SI=680* 0.0129* 3}`

Simplify, we have,

Simple interest = $ 26.32

Thus, The interest that she will earn after 3 years is $ 26.32