Answer: $99.75
Explanation:
To calculate the interest earned on the savings certificate, you can use the formula for simple interest:
\[ \text{Interest} = \text{Principal} \times \text{Rate} \times \text{Time} \]
In this case:
- Principal (P) is $950.
- Rate (R) is 3.5% per year, which needs to be converted to a decimal by dividing by 100. So, R = 0.035.
- Time (T) represents the number of years the money is deposited. If you want to calculate the interest earned in a specific number of years, you would substitute that value for T.
Now, let's calculate the interest for one year:
\[ \text{Interest} = 950 \times 0.035 \times 1 \]
Calculate this:
\[ \text{Interest} = 950 \times 0.035 = 33.25 \]
So, the interest earned in one year is $33.25.
If you want to calculate the interest for a different number of years, you can replace the "1" in the formula with the desired number of years. For example, if you want to calculate the interest earned in 3 years:
\[ \text{Interest} = 950 \times 0.035 \times 3 = 99.75 \]
So, the interest earned in 3 years would be $99.75.