That you have deposited the specified amounts in account. Calculate the interest you would earn for the specified time periods
and interest rates.
Calculating Simple Interest:
Principal x Interest Rate x Time = Interest
Note: Time is measured in years or fractions of years.
1. You deposit $250 in your savings account. How much would be in your account in three
years if you earned three percent interest and the interest was added to your account
once a year? (Hint: Add in the interest for each year prior to calculating the interest for
the following year.)
the first year
the second year
the third year