(a) Calculate the interest earned on N$2 000 invested for 3 years at

Question

a rate of 8% p.a. simple interest.

Answer 1

Interest = Principal x Rate x Time
Interest = N$2 000 x 0.08 x 3
Interest = N$480

Therefore, the interest earned on N$2 000 invested for 3 years at a rate of 8% p.a. simple interest is N$480.