Edin has £300 pounds in his saving account. his bank offers him a simple 5% interest rate per annum, for a period of three years. how much interest will he have earned in 3 years?

Simple interest is the product of principal, rate, and time that is divided by 100. The rate can be applied monthly or yearly or it can depend on the term and condition. The interest earned by Edin after three years is  £45 pounds.

Edin has £300 pounds in his savings account.

Bank offers him a simple 5% interest rate per annum, for a period of three years.

Therefore,

Principal (P)= £300 pounds

Rate (r)= 5 %

Time (t)= 3 Years.

The formula for evaluating the simple interest is as follow:

Thus, the interest earned by Edin after three years is £45 pounds.

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