19 July, 07:07
Edin has £300 in his savings account. His bank offers him a fixed 5% simple interest rate per annum, for a period of 3 years. How much interest will he have earnt after 3 years?
19 July, 08:23
Answer: her interest in 3 years is $45
For simple interest, the principal is not compounded. The interest is only on the original capital. The formula for simple interest is expressed as
I = PRT/100
I represents the interest on the principal
P represents the initial amount
R represents the interest rate.
T represents the time in years.
From the information given
P = $300
R = 5%
T = 3 years
I = 300*5*3) / 100
I = 4500/100 = 45
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» Edin has £300 in his savings account. His bank offers him a fixed 5% simple interest rate per annum, for a period of 3 years. How much interest will he have earnt after 3 years?