Question

Jae leaves £3100 in his savings account for 3 years. The account paid simple interest at a rate of 8% per annum. How much amount does he earn after 3 years?

Answer 1

`~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \pounds 3100\\ r=rate\to 8\%\to (8)/(100)\dotfill &0.08\\ t=years\dotfill &3 \end{cases} \\\\\\ I = (3100)(0.08)(3) \implies I = 744`