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Vlad [161]
3 years ago
11

Chaney deposits $1435.73 into a savings account that pays a simple annual interest rate of 1.32%. How much interest will she ear

n after 3 years ?
Mathematics
1 answer:
Aneli [31]3 years ago
8 0

Answer:

Interest Chaney earns after 3 years is  $56.85

Step-by-step explanation:

Given:

Amount deposited = $1435.73

Simple annual interest rate = 1.32% = 1.32/ 100 = 0.0132

To find: Interest after 3 years

We know that the formula to calculate the interest amount is

Simple interest (S.I.) = \frac{Prt}{100}

where,

P is the initial amount deposited

r is the rate of simple interest in percentage

t is the time in years for which interest is to be calculated

Substituting the known values in the formula, we get

S.I = \frac{1435.73 x 1.32 x 3}{100}

    = 56.85

Hence the interest Chaney earns after 3 years is  $56.85

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