Question

suppose cho deposits $200 into a bank account for 3 years. the actual interest rate is 5%.Find the simple interest earned

Answer 1

its 30. hope I helped

Answer 2

Assuming that the interest rate is annual, the answer is 30. 200 dollars divided by 100% is 2 dollars. 2 dollars is 1% of the whole. 5 % is 2 multiplied by 5. So that's 10 dollars per year, times 3 years is 30.