Question

Harvey deposits $625 in an account that pays 3.4% simple annual interest. If he keeps the money in the account for 17 years, how much interest will he earn

-$986.25
-$4,237.50
-$36,750.00

Answer 1

After 17 years, he earned $361.25 in interest.

The total amount after 17 years is $986.25.

Explanation:

I = Prt

I = $625 × 3.4% × 17

I = $625 × 0.034 × 17

I = $361.25

After 17 years, he earned $361.25 in interest.

The total amount after 17 years is $986.25.