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Don deposited $3,500 for 5 years on 2.40% P. A. interest rate in his savings account. How much simple interest will he earn?

Don deposited $3,500 for 5 years on 2.40% P. A. interest rate in his savings account. How much simple interest will he earn?
asked 165k views
11 votes
Don deposited $3,500 for 5 years on 2.40% P. A. interest rate in his savings account. How much simple interest will he earn?

asked
User Shakeen
by
7.8k points

1 Answer

6 votes

Explanation:

S.I=P×R×T

P=$3500

R=2.40%

T=5

S.I=3500×5×2.40

___________

100

S.I= $420

answered
User Manuel G
by
8.1k points
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