Question

Marsha deposited 10,000​$ into a savings account 3 years ago. The simple interest rate is ​2%. How much money did she earn in​ interest? What would be her new account​ balance?

Answer 1

$600

Explanation:

Given data

Principal= $10000

Time = 3 years

Rate= 2%

The simple interest formula is expressed as

SI= PRT/100

substitute

SI= 10000*2*3/100

SI= 60000/100

SI= 600

Hence he will earn $600 in interest