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

1 answer

The formula for calculating simple interest is:

Simple Interest = Principal x Rate x Time

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

Plugging in the values, we get:

Simple Interest = 300 x 0.06 x 4
Simple Interest = 72

Therefore, you earned $72 in simple interest over the four-year period.