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You deposit $70 in a savings account that pays an annual interest rate of 30%. How much simple interest would you earn in 2.5 years?

You deposit $70 in a savings account that pays an annual interest rate of 30%. How much simple interest would you earn in 2.5 years?
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1 vote
You deposit $70 in a savings account that pays an annual interest rate of 30%. How much simple interest would you earn in 2.5 years?

User Emeric Verschuur
by
7.9k points

1 Answer

2 votes
The formula is
I=prt
I interest earned?
P principle 70
R interest rate 0.3
T time 2.5 years
I=70×0.3×2.5
I=52.5
User Sabeer
by
8.9k points
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