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

User Maneesh Parihar
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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. 
User Jay Jargot
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2 votes
its 30. hope I helped
User Lic
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