Question

Jamie deposits $200 in an account at his bank the simple interest rate is 8% how much interest will he learn in 3 years

Answer 1

Jamie deposits $200 in an account at his bank

the simple interest rate = 8 %

So, the interest = 8% of 200 = 0.08 * 200 = $16

so, after 3 years, he will earn = 3 * 16 = $48