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Hayden invested $750 for 3 years at an interest rate of 0.035 how much interest did he earn in that time

User Mdanishs
by
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2 Answers

4 votes

Answer:

$78.75

Explanation:

User Luhmann
by
5.8k points
3 votes

Answer:

78.75 (simple) 81.54 (compound)

Explanation:

Simple interest without compounding : I = P * (1 + rt) -P

I: interest P: primary investment r: annual rate t: time in year

I = =750 * (1+ 0.035*3) -750 = 78.75

Compound interest I = (P *(1 +r)^ t)-P

I' = 750*(1+0.035)*(1+0.035)*(1+0.035) - 750 = 81.54

User Najmus Sakib
by
4.9k points