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$2,380 is deposited into an account that earns 3% simple interest for 4 years. How much interest is earned?

User FractalBob
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1 Answer

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Remember that we can calculate the sinmple interest earned in an investment or saving using the formula:


I=(P\cdot R\cdot T)/(100)

Where:

P is the money invested/saved

R is the rate of interest

T is the time of the investment/deposit in years

Using this formula and the data given, we get:


I=(2380\cdot3\cdot4)/(100)\Rightarrow I=285.60

Therefore, the interest earned is $285.60

User Saksham Varma
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