Question

1. You put $3,000 in a savings account with an interest of 4%. What is your EARNED INTEREST after one year?

Answer 1

[AI-generated answer — Explain Bot]

To calculate the earned interest after one year, you can use the formula: Earned Interest = Principal Amount × Interest Rate.

In this case, the principal amount is $3,000, and the interest rate is 4%. To calculate the earned interest, multiply $3,000 by 4% (or 0.04):

Earned Interest = $3,000 × 0.04
Earned Interest = $120

So, your earned interest after one year is $120.