Dawnie deposited $350 in a savings account earning 2% interest over 3 years. What was the total amount of interest earned at the end of 3 years?
A.
$420
B.
$210
C.
$42
D.
$21
Answers
Answer 1
Answer:
Solutions
.
Dawnie deposited $350 in a savings account earning 2% interest over 3 years.
To solve the problem we have to use the formula I= Principal × Rate × Time (year).
⇒ Given
$350 in a savings account
2% interest over 3 years
≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡
Let principal amount = $350.00
Let interest rate, 2% per year, or in decimal form, 2/100=0.02.
Let time involved, 3 year(s) time periods.
Calculations
To get the interest rate you have to multiply
350 × 0.02 × 3
The interest is: $21.00
Answer = (D)
.
Dawnie deposited $350 in a savings account earning 2% interest over 3 years.
To solve the problem we have to use the formula I= Principal × Rate × Time (year).
⇒ Given
$350 in a savings account
2% interest over 3 years
≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡
Let principal amount = $350.00
Let interest rate, 2% per year, or in decimal form, 2/100=0.02.
Let time involved, 3 year(s) time periods.
Calculations
To get the interest rate you have to multiply
350 × 0.02 × 3
The interest is: $21.00
Answer = (D)
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Answers
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