Find the simple interest earned in an account with $300 at 5% annual interest for 7 years.
a. $105.00
b. $420.00
c. $214.29
d. $11.67

Option A

The simple interest earned is $ 105

Solution:

Given that, $300 at 5% annual interest for 7 years

Therefore,

Principal = $ 300

Rate of interest = 5 %

Number of years = 7

The simple interest is given by formula:

Where,

p is the principal

r is the rate of interest

n is the number of years

Substituting the values in formula,

Thus simple interest earned is $ 105

a

step-by-step explanation:

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