Question

Solve a word problem involving simple interest

Question
Robin deposited $31,000 in a bank account with an annual interest rate of 5.2%. How much interest was earned in 3
years?

Answer 1

The interest is $4836

Explanation:

Simple Interest SI = (PRT)/100

Principal P = $31000, rate R is 5.2% and Time T = 3 years

SI = (31000×5.2×3)/100

SI = 310×5.2×3

SI = $4836