If $1000 is deposited in a savings account with a 2% annual interest rate, what will be the total interest after 3 years (simple interest)? - IQ786

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If $1000 is deposited in a savings account with a 2% annual interest rate, what will be the total interest after 3 years (simple interest)?

If $1000 is deposited in a savings account with a 2% annual interest rate, what will be the total interest after 3 years (simple interest)?

$20

$40

$60

None of these

Explanation

Simple Interest formula: SI = (P × R × T) / 100

SI = (1000 × 2 × 3) / 100 = $60.