I deposited 300 in the bank for four years. If it earned simple interest at rate of 6per annum.

Answer 1

To calculate the interest earned on the deposit, we use the formula:

Interest = Principal x Rate x Time

Where:
Principal = $300
Rate = 6% or 0.06
Time = 4 years

Interest = $300 x 0.06 x 4 = $72

Therefore, the interest earned on the deposit after four years is $72.