Question

Shelia deposited $800 into an account that earned 3% simple interest. She did not make any other deposits or withdrawals. After 5 years, how much interest did Sheila earn? A $120 B $240 C $920 D $1,200

Answer 1

A, $120.

Step-by-step explanation:

Considering if it was monthly interest it would be $1440 total so we're assuming this is annual interest it would be A. You can calculate this very simply

3% -> 0.03 and multiply 800 by 0.03. You get 24 and then multiply that over 5 years which is 120.