Question

smith deposited 3,500 for 4 years years in a savings account with an annual simple interest rate of 3.5%. How much interest did Smith earn during the 4 years?

Answer 1

Simple Interest = Money Amount + (Interest percentage of Money × number of years or months)

SI =  3500 + (3.5% of 3500 × 4)
SI =  3500 + (122.5 × 4)
SI =  3500 + 490
SI = 3990 !

He earned 3990 over 4 years. If you liked my answer, please make me the brainliest answer! :)