Question

Jenny has $1200 in her savings account. If the bank pays 3% interest per year on savings, how much interest does she earn in 3 years

Answer 1

Answer:

Jenny earns $36 in interest per year.

Step-by-step explanation:

1200/ 12 = 100

3% of 100 is 3.

3 x 12 = 36

Answer 2

Answer:$108

Step-by-step explanation:

principal(p)=$1200

Rate(r)=3%

Time(t)=3 years

simple interest=(p x r x t) ➗ 100

Simple interest=(1200x3x3) ➗ 100

Simple interest=10800 ➗ 100

Simple interest=108

Simple interest=$108