Question

Don deposited $3,500 for 5 years on 2.40% P. A. interest rate in his savings account. How much simple interest will he earn?

Answer 1

Explanation:

S.I=P×R×T

P=$3500

R=2.40%

T=5

S.I=3500×5×2.40

___________

100

S.I= $420