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Simpson deposits 1,200 in a savings account that earns simple interest at the rate of 5% per. What interest does he earn at the end of 1 year?

Solution

Simpson deposits 1, 200 in a savings account that earns simple interest at the rate of 5% per. What interest does he earn at the end of 1 year?

Solution

Interest : 60

Solution steps

Translate the problem into an equation:

I = 1200 \cdot 0.05 \cdot 1

Simplify

I = 1200 \cdot 0.05 \cdot 1

Interest : 60

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