Question

Sid has a savings account with $3,000 in it that earns 8.9%simple interest how much and 3 years

Answer 1

The savings account has an initial investment of $3000, that earns 8.9% simple interest, for 3 years.

The amount after 3 years is derived as follows;

`\begin{gathered} \text{ Amount=Principal + Interest} \\ \text{Interest}=\text{PRT} \\ P=3000,R=0.089,T=3 \\ \text{Interest}=3000*0.089*3 \\ \text{Interest}=801 \\ \text{Amount=3000+801} \\ \text{Amount}=3801 \end{gathered}`

Therefore, Sid would have $3,801 after 3 years