Answer:
Around $9.19
Explanation:
"1/4" basically means:
1/4 = 0.25
THus, we can say annnual interest rate is 5.25%
Converting to decimal, we have:
5.25/100 = 0.0525
To find annual interest, we have to multiply interest rate (0.0525) with principal amount (700), so annual interest would be:
700 * 0.0525 = $36.75
That would be earned in 1 year.
But the money is kept LESS than 1 year, 3 months to be exact. We know
3/12 = 1/4th year
So, 3 months is 1/4th of a year. So $36.75 in 1 year, 3 months would be 1/4th of that:
Rounding to 2 decimal places, that would be around $9.19