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Sara's grandmother gave her 3000.00 to save for college She put it in a savings account that earns 6 percent per year The money was in the account for 8 years How much simple interest did she earn?
Wiki User
∙ 13y ago
Amount Deposited: $3000
Rate of Interest: 6%
No. of Years: 8
Formula for Simple Interest = 3000 * 6 * 8 / 100
The simple interest she will earn in 8 years is $1440
Wiki User
∙ 13y ago
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$74.90
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The interest rate on an ING variable annuity account as obtained via their official company website is anywhere from the 2.5 percent to 3.5 percent range.
