Question

Sophia invests $12,350 in an account that earns 4.5% annual simple interest. Assuming she makes no additional deposits or withdrawals, how much interest will Sophia earn after 36 months?

need help ASAP​

Answer 1

You would find out how many years is 36 months and then do 12,350 x4.5x
X being the number of years.

Answer 2

$1667.25

Explanation:

The formula for simple interest is

I = Prt

Data:

P = $12 350

r = 4.5 %

t = 36 mo

Calculations:

(a) Convert months to years

t = 36 mo × (1 yr/12 mo) = 3 yr

(b) Calculate the interest

I = 12 350 x 0.0450 × 3 = $1667.25

Sophia will earn $1667.25 after three years at 4.5 % annual simple interest.