Question

Sue deposited $1,850 in a savings account. How much would she earn in three years if the bank paid 6.75% simple interest?

I would love an explanation if possible that way I can actually learn lol. Thx!

Answer 1

$374.63

Explanation:

Find the interest paid by the bank per year by working out 6.75% of 1850 (1850x0.0675)

Then multiply this by 3 as it is three years, to get 374.625, then round it to 2 decimal places.

Answer 2

The answer is 374.625

Here,just we have to apply the formula of interest and that is Principal*time*rate/100

Look at the attached picture

Hope it will help you

Good luck on your assignment