Question

A club deposited $50,000 in a saving account at the beginning of the year. Interest will be paid at a rate of 3% at the end of the year. How much interest will the club receive for the year?

Answer 1

Answer: the club will receive $1500 interest for the year

Explanation:

Simple interest is calculated by principal ×rate× time

=$50,000× 3%×1year

50,000×0.03×1

=$1,500