R600 is invested for 3 years at \( 5 \% \) p.a. Find the simple interest earned

To calculate the simple interest earned, you can use the formula: \[ \text{Simple Interest} = P \times r \times t \] where \( P \) is the principal amount (R600), \( r \) is the annual interest rate (5% or 0.05), and \( t \) is the time in years (3 years). So, \[ \text{Simple Interest} = 600 \times 0.05 \times 3 = 600 \times 0.15 = R90. \] You would earn R90 in simple interest over the 3-year period! If you don't want to derail your savings plans, remember to always pay attention to the interest rate and investment period. A common mistake is to overlook how long the money will be invested. Make sure to clearly check the parameters before calculating! Time flies, especially when it comes to savings!