Question

(COMPOUND INTEREST)

-$17,525 deposit, interest at 1/2% for 3 years; find interest earned.

20 points reward

Answer 1

Explanation:

Principal = 17,525. Rate = 1/2% = 0.005 time,t = 3

Interest, I = principal x rate x time

Interest, I = 17525 x 0.005 x 3

Interest, I = $262.875