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13 April, 08:25

Juan deposited $200 in a savings account earning 3% interest over 2 years.

What was the total amount of interest earned at the end of 2 years?

A.

$240

B.

$24

C.

$120

D.

$12

+1
Answers (2)
  1. 13 April, 08:44
    0
    Given:

    Principal Deposit = $ 200

    Interest Rate per annually = 3%

    Term = 2 years

    Formula:

    I=PRT

    I = $ 200 x 3% x 2

    I = $ 200 x 0.03 x 2

    I = $ 200 x 0.06

    I = $ 12
  2. 13 April, 08:47
    0
    3% =.03

    200 *.03 = 6

    6 * 2 = 12

    Answer: D
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