Charis invested $140. She earned a simple interest of 3% per year on the initial investment. If no money was added or removed from the investment, what was the amount of interest Charis received at the end of three years?

Question

Mathematics

Lyla Spence

31 March, 02:45

Charis invested $140. She earned a simple interest of 3% per year on the initial investment. If no money was added or removed from the investment, what was the amount of interest Charis received at the end of three years?

+4

Answers (1)

Know the Answer?

Ronald Shah · Answer 1

Charis would receive $12.60 in interest ... We divide $140 by 100 and end up with $1.4. Now, we multiply $1.4 times three to get the interest over three years. We now have $12.60.