Suppose cho deposits $200 into a bank account for 3 years. the actual interest rate is 5%.Find the simple interest earned

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asked Mar 15, 2018 144k views

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Jay Jargot · Answer 1 · 2018-03-16T08:22:04+0000

Assuming that the interest rate is annual, the answer is 30. 200 dollars divided by 100% is 2 dollars. 2 dollars is 1% of the whole. 5 % is 2 multiplied by 5. So that's 10 dollars per year, times 3 years is 30.

Suppose cho deposits $200 into a bank account for 3 years. the actual interest rate is 5%.Find the simple interest earned

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