Problema Solution
Jeanie's deposited $3,339 in an account earning 3% simple interest. How much will she have at the end of 2 months?
Answer provided by our tutors
Since,
Interest = Principal * Rate * Time
Time = 2 mints = 2/12 years
Principal = $3,339
Rate = 3% or 0.03
Interest = 3,339*0.03*(2/12)
Interest = $16.695
Jeanie will have $16.695 at the end of 2 months.