Question

If you have $10,000 in a savings account and you earn 8% simple interest, how much money will be in the account after 3 years?

Answer 1

$ 12400

Explanation:

P =$10,000

r= 10%

t = 3 year

`I = P*r*t=(10000*8*3)/(100)`

I = $ 2400

Amount = P + I = 10000 + 2400 = $ 12,400