Scenario: Jenny deposits $3,000 in a bank for a period of 1 year at an annual rate of interest of 10 percent.
-Refer to the scenario above.After a year,the bank will pay interest of ________.

Question

Quizplus · Accepted Answer

To calculate the interest earned, we use the formula: interest = (principal x rate x time) / 100. Here, principal (P) is $3,000, rate of interest (R) is 10%, and time (T) is 1 year. Substituting these values, we get interest = (3000 x 10 x 1) / 100 = 300. Therefore, the bank will pay an interest of $300 after a year. Hence, the correct choice is B.

Scenario: Jenny Deposits $3,000 in a Bank for a Period