HELP PLEASE!!!!!
Dawnie deposited $350 in a savings account earning 2% interest over 3 years.

What was the total amount of interest earned at the end of 3 years?

Question

HELP PLEASE!!!!!
Dawnie deposited $350 in a savings account earning 2% interest over 3 years. 

What was the total amount of interest earned at the end of 3 years?

moneybaby980 · Answer

do you have answer choices

mathteacher1729 · Answer

Does it specify how the interest is compounded? (annually, quarterly, continually?)

anonymous · Answer

A.
$420
 
 B.
$210
 
 C.
$42
 
 D.
$21

mathteacher1729 · Answer

If it's a simple interest problem then you would use: 

 "I = P*r*t" 
Where 
I = interest 
P = $350
r = 2% (as a DECIMAL ==> 0.02) and
t = 3 years

mathteacher1729 · Answer

Ok, so based on those choices yes, you're dealing with simplest interest. It's really important that you learn how to do this on your own because as an adult this is one of the most important bits of math you'll ever need to know. For real. It's about how to ... make more money. :) 

Multiply 350 * 0.02 * 3  on your calculator. See what number you get. It's one of the choices, I assure you that. :)

mathteacher1729 · Answer

More info on simple interest is here: http://www.purplemath.com/modules/investmt.htm

moneybaby980 · Answer

B

anonymous · Answer

TNXS