Edin has £300 pounds in his saving account. His bank offers him a simple 5% interest rate per annum, for a period of three years. How much interest will he have earned in 3 years?

Question

Mathematics

Babe

16 October, 11:28

Edin has £300 pounds in his saving account. His bank offers him a simple 5% interest rate per annum, for a period of three years. How much interest will he have earned in 3 years?

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Answers (1)

Know the Answer?

Ella Wilkinson · Answer 1

Hi there

The simple interest formula is

I=p*r*t

I interest earned?

P principle 300

R interest rate 0.05

T time 3years

So

I=300*0.05*3

I=45

interest will he have earned in 3 years is 45

Good luck!