Question

Dawnie deposited 350 In a savings account earns 3% simple interest over three years , what was the total amount of interest earned at the end of 3 years

Answer 1

Answer

Find out the total amount of interest earned at the end of 3 years .

To prove

Formula

$Simple\ interest = \frac{Principle\times rate\times time}{100}$

As given

Dawnie deposited $350 In a savings account earns 3% simple interest over three years .

Here Principle = $350

         Interest = 3%

         Time = 3 years

Put in the above formula

$Simple\ interest = \frac{350\times 3\times 3}{100}$

$Simple\ interest = \frac{3150}{100}$

Simple interest = $31.5

Therefore $31.5 is the total amount of the interest in 3 years.