Question

You deposit $300 in a savings account. The account earns 2% simple interest per year.

a. What is the interest earned after 10 years?
The interest earned is $ after 10 years.
b. What is the balance after 10 years?
The balance is $ after 10 years.

Answer 1

Answer:

a. ----> $10

b. ----> $110

Explanation:

Explanation:

principle ( p ) = $100

time ( t ) = 10 years

rate ( r ) = 11%

simple interest = (p × r × t)÷ 100

= ( $100 × 11 × 10 )÷ 100

= 11000 ÷ 100

= $110

interest = simple interest - principle

interest = $110 - $100

= $10