Question

Lyla invested $140. She earned a simple interest of 3% per year on the initial investment. If no money was added or removed, what is the amount of money Lyla will earn at the end of two years?

Answer 1

8.40

Explanation:

Since, the simple interest is,

I= p x r x t

100

Where,

P=Principal

r= rate per periods

t= number of periods

Here, P=140, r=3%, t = 2,

the simple interest will be

I= 140 x 3 x 2

100

= 840

100

=8.40