Question

Ben deposited $6500 in a simple interest account that pays 2.8% interest annually. If Ben leaves the money in the account for 12 years how much interest will he earn?

Answer 1

Answer: $2184

Explanation:

2.8% interest annaully

Deposit $6500

Annaully interest

2.8% x $6500 / 100

= $182

Interest after 12 years.

Principal x Rate x Time/100

= $6500 x 2.8% x 12 /100

= $2184