Question

Alex has $30,000 in his savings account that earns 10% annually. How much interest will he earn in on year?

Answer 1

Answer:

The interest he earns in one year is $3000

Step-by-step explanation:

We are given

Alex has $30,000 in his savings account that earns 10% annually

so,

P=30000

r=10%

t=1 years

now, we can find interest

$I=\frac{P\times r\times 1}{100}$

now, we can plug values

$I=\frac{30000\times 10\times 1}{100}$

now, we can simplify it

$I=3000$

So,

The interest he earns in one year is $3000