Question

1. Gina deposits $8,400 in an account that pays 2.25% simple interest. He keeps the money in the

account for three years, but doesn't make any deposits or withdrawals. How much interest will
he receive after the three years?

Answer 1

Therefore, Gina will receive $567 in interest after three years.

Explanation:

Answer 2

$ 567

Explanation:

To calculate the simple interest Gina will receive after three years, you can use the simple interest formula:

I= P × R × T

In this case:

Principal (P) = $8,400

Rate (R) = 2.25% = 0.0225 (as a decimal)

Time (T) = 3 years

Now, plug these values into the formula:

I = $8,400 x 0.0225 x 3

I = $8,400 x 0.0675

I = $567

So, Gina will receive $567 in interest after three years.