Question

Catherine invested a principal of $1,650 in her bank account with interest rate 3.1 % How much interest did she earn in 14 years?

Answer 1

Answer:

$693

Step-by-step explanation:

Catherine invested a principal of $1,650 in her bank account with;

interest rate of 3.1%

How much interest did she earn in 14 years?

To find the amount accumulated in the 14 years, we use the formula:

A = P(1 + rt)

Where A is the amount accumulated, P is the principal, r is the interest rate and t is the time.

A = $1650(1 + $\frac{3}{100}$(14))

A = $1650 + $693 = $2343

Interest = Amount (A) - Principal (P) = $2343 - $1650 = $693

Answer 2

Answer: The amount of interest that she earns is $716.1

Step-by-step explanation:

The formula for determining simple interest is expressed as

I = PRT/100

Where

I represents interest paid on the amount invested.

P represents the principal or amount invested.

R represents interest rate

T represents the duration of the investment in years.

From the information given,

P = 1650

R = 3.1%

T = 14 years

I = (1650 × 3.1 × 14)/100 = 71610/100

I = $716.1