Question

Liu deposited 3,500 into a savings account. The simple interest rate is 4%. How much interest will the account earn in 10 years?

interest = interest rate x principle x time

Answer 1

Answer: 1400

Explanation:

Interest=3,500x0.4x10

Interest=140x10

Interest=1400

Answer 2

1400

Explanation:

you do 3500 x 4% which is 140

140 is the amount of simple interest earned each year

take 140 and multiply with time period which is 10 years

so 140 x 10 = 1400