Question

calculate the interest earned on a savings account with $820.00 that is invested at 4% annual simple interest for 3 years.

A $29.10
B $32.80
C $98.40
D $131.20

Answer 1

✿  $\mathsf{Simple\;Interest = (\frac{Principal \times Rate\;of\;Interest \times Time\;period}{100})}$

Given : Principal = $820

Given : Rate of Interest = 4%

Given : Time period = 3 yrs

$\mathsf{\implies Simple\;Interest = \frac{(820)(4)(3)}{100}}$

$\mathsf{\implies Simple\;Interest = (8.2)(12)}$

$\mathsf{\implies Simple\;Interest = 98.40}$

Option (C) is the Answer