Question

Bianca deposits $3,000 in a savings acct earning 4.25% simple interest per year.

Part A how much interest will Bianca earn for a period of 5 years
Part B how much money will be in biankas acct after 5 years?

Answer 1

$637.50

Explanation:

P = $3000

t= 5years

r = 4.25% per annum

Interest = (p×r×t)/100

= (3000×4.25×5)/100

= $637.50