Question

Patricia deposited $350 in a savings account with two percent simple interest. If she keeps it in the account for one year, how much interest will she earn?

Answer 1

$7

Step-by-step explanation:

350 with 2% interest rate.

They want to find it for ONE year.

So, 350 x 0.02 = $7

Answer 2

Patricia will earn $10.5 in one year.

Step-by-step explanation:

interest will be calculate as follow:

principal x rate x time = interest+always is important to make the cmmnet that, rate and time should be express in the same measurement. This means, annual rate force time to be express as portion of year or complete years.

350 x 0.03 per year x 1 year= 10.5 interest

That is the amount of interest Patricia will earn from their deposite