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Answered

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A bank offers 0.30% annual simple interest rate for a particular deposit. how much interest will be earned if P500,000.00 is deposited in this saving account for 2 year?

I will mark you the brainliest if you can show me your correct answer.​

Sagot :

Chaser27idn

PRT:

=====================

Principle

rate

time

First, converting R percent to r a decimal

r = R/100 = 0.3%/100 = 0.003 per year,

then, solving our equation

I = 500000 × 0.003 × 2 = 3000

I = $ 3,000.00

The simple interest accumulated

on a principal of $ 500,000.00

at a rate of 0.3% per year

for 2 years is $ 3,000.00.

[tex]\large\color{lime}{\boxed{3,000.00}}[/tex]

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