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Popular Word Problems >

Calculate the simple interest earned on an investment of 3020 at 2% p.a. for 3 years. Give your answer to the nearest cent.

Solution

C a l c u l a t e t h e s im pl e in t eres t e a r n e d o n an in v es t m e n t o f 3020 a t 2% p . a . f or 3 ye a rs . G i v e yo u r an s w er t o t h e n e a res t ce n t .

Solution

Interest : 181.2

Solution steps

Translate the problem into an equation:

I = 3020 \cdot 0.02 \cdot 3

Simplify

I = 3020 \cdot 0.02 \cdot 3

Interest : 181.2

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