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