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Jason invests $3000 in a bank account that pays 2% simple interest per year. He invests the money for 7 months. Calculate the amount of interest Jason earns.

Jason invests $3000 in a bank account that pays 2% simple interest per year. He invests the money for 7 months. Calculate the amount of interest Jason earns.
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Jason invests $3000 in a bank account that pays 2% simple interest per year. He invests the money for 7 months. Calculate the amount of interest Jason earns.

User Tsabo
by
8.5k points

1 Answer

8 votes
Answer: $3059.58

Step-by-step explanation:

A = P(1+r/n)^nt = 3000(1+0.02/(5/7))^5/7 = 3059.58

User Codingoutloud
by
7.9k points
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