Question

Hayden invested $750 for three years at an interest rate of 0.035. How much interest did he earn in that time?

Answer 1

Answer: $78.75

Explanation:

I'm assuming this is simple interest so if I'm wrong sorry...

Use the formula:
`A=P(1+rt)`.

Place all values in their appropriate places.

`A=750(1+(0.035)(3))`

Simplify.

`A=750(1+(0.035)(3))`

`A=750(1+0.105)`

`A=750(1.105)`

`A=828.75`

Subtract 750 from the product.

828.75 - 750 = 78.75

Answer: $78.75

Answer 2

$78.75

Explanation:

Principle: $750

Interest rate: 3.5%

Time: 3 years

750 x 3 x 3.5 % = $78.75