Question

Bianca deposits $3000 in a savings account earning 4.25% simple interest per year. How much interest will Bianca earn for a period of 5 years?

Answer 1

Answer:

$637.50

step by step explanation :

P = $3000

t= 5years

r = 4.25% per annum

Interest = (p×r×t)/100

= (3000×4.25×5)/100

= $637.50