Question

sam places £3850 in a bank account that pays 1.3% simple interest per year. How much interest will she earn in 6 years?

Answer 1

she will earn 300.3 in interest

Explanation:

using the formula for interest: I =Prt where P is the principal (starting amount), r is the rate, and t is the time. Always convert the rate to a decimal if it's in percentage form.

I = (3850)(0.013)(6)