Question

You deposit $300 dollars in a savings account the account earns 10% simple interest per year whats the interest after 8 years

Answer 1

$240

Explanation:

Given data

Principal= $300

Rate= 10%

Time= 8 years

We know that the expression for the simple interest is given as

SI= PRT/100

Substitute

SI= 300*10*8/100

SI= 24000/100

SI= $240

Hence the interest is $240