Answer:
Interest will Eli earn over 3 years is $24 .
Step-by-step explanation:
Formula
[tex]Simple\ interest = \frac{Principle\times Rate\times Time}{100}[/tex]
As given
Eli won $200 in a spelling contest.
His mother opened a savings account for him so he could save for a laptop computer.
f the bank offers a simple annual interest rate of 4%.
Principle= $200
Rate = 4%
Time = 3 years
Putting all the values in the formula
[tex]Simple\ interest = \frac{200\times 4\times 3}{100}[/tex]
[tex]Simple\ interest = \frac{2400}{100}[/tex]
Simple interest = $24
Therefore interest will Eli earn over 3 years is $24 .
