Remember that we can calculate the sinmple interest earned in an investment or saving using the formula:
[tex]I=\frac{P\cdot R\cdot T}{100}[/tex]Where:
P is the money invested/saved
R is the rate of interest
T is the time of the investment/deposit in years
Using this formula and the data given, we get:
[tex]I=\frac{2380\cdot3\cdot4}{100}\Rightarrow I=285.60[/tex]Therefore, the interest earned is $285.60
