Question

You invest $3,459 in a savings account that pays 7.2% annual interest. After 3 years, how much interest will you have earned?

Answer 1

Answer: $3,459* 3 = 10,377

Step-by-step explanation:

Answer 2

Amount of interest in 3 years will be $747.144

Step-by-step explanation:

We have given amount invested, that is principal amount P = $3459

Rate of interest r = 7.2%

Time period t = 3 years

We have to find the interest in 3 years

We know that interest is equal to

`SI=(P* r* t)/(100)`, here P is amount to be invested r is rate of interest and t is time period

So interest
`SI=(3459* 7.2* 3)/(100)=747.144`$

So amount of interest in 3 years will be $747.144