alyssayeet368 alyssayeet368

28-02-2020
Mathematics

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A club deposited $50,000 in a saving account at the beginning of the year. Interest will be paid at a rate of 3% at the end of the year. How much interest will the club receive for the year?

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tolaosunrinde tolaosunrinde

28-02-2020

Answer: the club will receive $1500 interest for the year

Step-by-step explanation:

Simple interest is calculated by principal ×rate× time

=$50,000× 3%×1year

50,000×0.03×1

=$1,500

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