You’ve been given a scholarship of $10,000. If you invest it at a 3.4%
annual interest rate, how much interest will you have earned in a
year’s time?
A) $34,000
B) $340 (Correct Answer)
C) $10,340
D) $10,000
Explanation:
simple interest = the initial amount x interest rate x time period
simple interest = $10,000 (3.4) 365 days
Related Common Core State Standard: 7.RP.3
