Question

If money in a savings account earned 8% interest per annum, how much nterest would be earned on $150.00 over three years?

Answer 1

$36

Explanation:

Given :

Interest rate, r = 8% = 0.08

Principal, P = 150

Time, t = 3 years

Simple interest = (principal * rate * time)

Simple interest = (150 * 0.08 * 3)

Simple interest = $36