Question

Cliffman made a deposit of $1800 into an account that earns 2% annual simple interest. Find the amount of interest that coach cliffman earned after 3 years

Answer 1

Therefore the amount of interest that coach Cliffman will earn after 3 years is = $216

Explanation:

Simple interest Formula:

`I=Prt`

`I` = Interest

P= Principal

r= rate of interest

t= Time in year

Given that,

Cliffman made a deposit of $1800 into a account that earns 2% annual simple interest.

P=$18,000, r=2%=0.02 and t=3 years

The interest
`I=Prt`

=1800×0.02×3

=$216

Therefore the amount of interest that coach Cliffman will earn after 3 years is = $216