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Juan deposited $200 in a savings account earning 3% interest over 2 years.




What was the total amount of interest earned at the end of 2 years?




A.

$240



B.

$24



C.

$120



D.

$12

Verified Answer :

3% = .03
200 × .03 = 6
6 × 2 = 12
Answer: D

Given:  
Principal Deposit = $ 200
Interest Rate per annually = 3% 
Term = 2 years 

Formula: 
I=PRT 

I = $ 200 x 3% x 2
I = $ 200 x 0.03 x 2 
I = $ 200 x 0.06
I = $ 12 


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