Question

Ivanna deposits $600 into an account that pays simple interest at a rate of 3% per year. How much interest will she be paid in the first 2 years?

Answer 1

Given here,

Principle [P] = $600

Rate [R] = 3

Time [T] = 2

We know,


`Simple Interest = (Principle * Rate * Time)/(100)`


`= (600*3*2)/(100) = 36`