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22 July, 07:05

A club deposited $50,000 in a saving account at the beginning of the year. Interest will be paid at a rate of 3% at the end of the year. How much interest will the club receive for the year?

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  1. 22 July, 07:18
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    Answer: the club will receive $1500 interest for the year

    Step-by-step explanation:

    Simple interest is calculated by principal * rate * time

    =$50,000 * 3%*1year

    50,000*0.03*1

    =$1,500
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