Suppose you deposited $100 in a savings account 3 years ago. The simple interest rate is 3.2 %. The interest that you earned in

Question

3 years ago

7

those 3 years is $9.60. Which of the following is/are true?

1 answer:

astraxan [27] · Answer 1 · 2022-08-06T04:21:54+03:00

7 0

It's not compounded interest, you just get $3.20 every year.
$100 * 0.032 = $3.20
$3.20 * 3 years = $9.60

Suppose you deposited ​$100 in a savings account 3 years ago. The simple interest rate is 3.2 %. The interest that you earned in