Question

Sid has a savings account with $16 in it that earns 1.5% simple interest per year.

How much interest, to the nearest cent, will Sid earn in 10 years? Give
your answer in dollars.

Answer 1

$2.4

Explanation:

Simple Interest=(Principal*Rate*Time)/100

SI=(P*R*T)/100

Principal amount=$16

Rate=1.5%

Time=10 years

SI=(16*1.5*10)/100

SI=$2.4