We deposit $2,400 in an account that pays 4% per year, find the mount of simple interest earned during the 3 years period.

Question

asked May 12, 2024 138k views

2 Answers

Piotr Boho · Answer 1 · 2024-05-17T16:10:06+0000

Explanation:

Simple interest = principle * rate * time

= $ 2400 * .04 * 3 = 288 dollars interest

(Note that 4 percent is .04 in decimal)