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A bank offers a simple interest rate of 5% per annum. If you invest $2000 for 3
Practice Questions
Q1
A bank offers a simple interest rate of 5% per annum. If you invest $2000 for 3 years, what will be the total interest earned?
$300
$400
$500
$600
Questions & Step-by-Step Solutions
A bank offers a simple interest rate of 5% per annum. If you invest $2000 for 3 years, what will be the total interest earned?
Steps
Concepts
Simple Interest
– The calculation of interest earned on a principal amount over a specified period at a fixed rate.
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