Question

Correct answers only please!

Leo has $100 in a savings account that earns 10% annually. The interest is not compounded. How much interest will he earn in 3 years?

Use the formula i = prt, where i is the interest earned, p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.

Answer 1

Simply using the given formula ,

I = P × R × t

I = 100 × 10/100 × 3

I = $30