Question

Edin has £300 in his saving account his bank offers his a fixed 5% simple interest rate per annum for a period of 3 years how much interest will he have earned after 3 years ?

Answer 1

45

Explanation:

The simple interest formula is

I=p×r×t

I interest earned?

P principle 300

R interest rate 0.05

T time 3years

So

I=300×0.05×3

I=45

interest will he have earned in 3 years is 45