Question

Andrew invested $15,000 in a savings account that earned 3% simple interest. Find the interest earned if the amount was kept in the bank for 4 years.

Answer 1

Here's what we know:

- Principal = $15,000

- Interest Rate = 3%

- Time = 4 years

Interest = Principal * Interest Rate * Time

Interest = 15,000 * 0.03 * 4 = $1800