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Marsha deposited $7,000 into a savings account 4 years ago. The simple interest rate is 3%. How much money did Marsha earn in interest?

Marsha deposited $7,000 into a savings account 4 years ago. The simple interest rate is 3%. How much money did Marsha earn in interest?
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Marsha deposited $7,000 into a savings account 4 years ago. The simple interest rate is 3%. How much money did Marsha earn in interest?

asked
User Rob Glassey
by
8.4k points

1 Answer

4 votes
Initial deposit = $7000
Simple interest rate: 3%
0.03*7000=$210
Yearly interest = $210
Over 4 years: $210*4=$840
answered
User Mike Collins
by
8.2k points
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