Asked in PPSC, FPSC and other one-paper exams (compiled from unofficial resources).
Financial MathematicsSimple and Compound Interest
If $\$1000$ is deposited in a savings account with a $2\%$ annual interest rate, what will be the total interest after $3$ years (simple interest)?
- A.$\$20$
- B.$\$40$
- C.$\$60$Correct answer
- D.$\$80$
Timed quizzes, instant results, track your progress — free
Practice these MCQs in the appQuick fact: The simple interest on $\$1000$ at $2\%$ per annum for $3$ years is $\$60$.