Question

You deposit $1600 in an account. The annual interest rate is 5% for 3 years. How much

interest will you earn on the money?​

Answer 1

Answer: $240

Explanation:

Simple interest= Principal x Rate x Time

Where P= 1600, R= 5% = 0.05, T=3

= 1600 x 0.05 x 3

$240