Question

dawine deposited $350 in a savings account earning 2% simple interest over 3 years what was the total amount of the interest earned at the end of 3 years

Answer 1

Answer:

371.00

Step-by-step explanation:

A = $371.00

(I = A - P = $21.00)

Equation:

A = P(1 + rt)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 2%/100 = 0.02 per year.

Solving our equation:

A = 350(1 + (0.02 × 3)) = 371  

A = $371.00

The total amount accrued, principal plus interest, from simple interest on a principal of $350.00 at a rate of 2% per year for 3 years is $371.00.

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