Ask Question
1 August, 10:59

If you deposit $3000 in a savings account that earns simple interest at the rate of 2.5% per year, how much interest will you have earned after 4 years?

+1
Answers (1)
  1. 1 August, 14:54
    0
    Firstly we need to find out what's 2.5% from $3000:

    3000 * 2.5% =

    = 3000 * 2.5/100 =

    = 3000 * 25/1000 =

    = 3 * 25 =

    = 75 [dollars]

    It means you will earn $75 dollars of interest annualy. After 4 years you will earn:

    4 * $75 = $300
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “If you deposit $3000 in a savings account that earns simple interest at the rate of 2.5% per year, how much interest will you have earned ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers