185k views
2 votes
SHOW WORK
What interest would be earned by an investment of 4900 at 3.5% for 3 years?

1 Answer

0 votes

Answer:

514.5

Explanation:

We will assume SIMPLE INTEREST for this problem.

The formula for simple interest is:


i=Prt

Where

i is the simple interest earned

P is the principal

r is the rate of interest (in decimal)

t is the time , in years

Given in the problem,

P = 4900

r = 3,5% = 3.5/100 = 0.035

t = 3 years

Substituting, we find the interest earned:


i=Prt\\i=(4900)(0.035)(3)\\i=514.5

The interest earned is 514.5

User Lefnire
by
7.6k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories