Jen has $60 in a savings account that earns 5% interest per year. the interest is not compounded. How much interest will she ear

Question

3 years ago

13

n in 3 years

1 answer:

Stolb23 [73] · Answer 1 · 2022-02-20T01:41:02+03:00

Answer:

$9

Step-by-step explanation:

Firstly, I want to say, if the interest is not compounded that means it is simple interest.

Simple interest is also called non-compounding interest.

We've, Principal(p)= $60

Rate of Interest (R)=5%

Time (T)= 3 years

Interest (I) = ?

By formula of Simple Interest,

S.I = PTR/100

=(60×3×5)/100

=900/100

=9

THEREFORE, the interest amount is $9.

Thank You.