Question

$300 at 5% annual interest for 7 years
Find the simple interest earned in the account.
A)$214.29
B)$11.67
C)$420.00
D)$105.00

Answer 1

Formula of simple interest is S.I=Principal value * (1 + (rate/100))-Principal value

S.I=300$*(1+(0.05))-300$
=15$
As it is for 7 years,
S.I=7*15$
=$105

Answer 2

Thanks

Answer 3

Medal? Ur welcome! :)

Answer 4

and another formula is P*R*Tin which P=300,R=5%,T=7.
so the answer is 105