Given:
Principal value = $1200
Rate of interest = 3% per year
To find:
The interest earned by Jenny in one year.
Solution:
Formula of interest:
[tex]I=\dfrac{P\times r\times t}{100}[/tex]
Where, P is principal, r is rate of interest and t is time.
We have, P = 1200, r = 3, t=1. Putting these values, we get
[tex]I=\dfrac{1200\times 3\times 1}{100}[/tex]
[tex]I=\dfrac{3600}{100}[/tex]
[tex]I=36[/tex]
The interest earned by Jenny in one year is $36.
Therefore, the correct option is A.
