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HELP Jeanell deposited $550 into a savings account that earned 3.25% simple interest per year, how much interest will she earn after 3 years with no deposits or withdrawals? A. $603.63 B. $553.25 C. $53.
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HELP

Jeanell
deposited $550 into a savings account that earned 3.25% simple interest per year,
how much interest will she earn after 3 years with no deposits or withdrawals?
A. $603.63
B. $553.25
C. $53.63
D. $17.88

User Daniil Fajnberg
by
8.0k points

2 Answers

3 votes
$53.63
because I have had this question on an exam and it was the correct answer out of all of the answers above.
hope this helped you

User Evantill
by
8.6k points
5 votes
Finding interest:
550 / 100 = 5.5 5.5 x 3.25 = 17.875 17.875 x 3 = 53.625 or 53.63
So the answer is C.
Hope this helped!
User Nkmol
by
7.7k points
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