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If you deposit $3,000 in a savings account that earns simple interest at a rate of 2.5% a year, how much interest would you have after 4 years?

If you deposit $3,000 in a savings account that earns simple interest at a rate of 2.5% a year, how much interest would you have after 4 years?
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2 votes
If you deposit $3,000 in a savings account that earns simple interest at a rate of 2.5% a year, how much interest would you have after 4 years?

User Fizzer
by
7.8k points

1 Answer

8 votes

Answer: 300 dollars

Work Shown:

i = P*r*t

i = 3000*0.025*4

i = 300

User Tandrewnichols
by
7.7k points
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