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3 years ago

Hayden invested $750 for 3 years at an interest rate of 0.035 how much interest did he earn in that time

Mathematics

1 answer:

4vir4ik [10]3 years ago

7 0

Answer:

78.75 (simple) 81.54 (compound)

Step-by-step explanation:

Simple interest without compounding : I = P * (1 + rt) -P

I: interest P: primary investment r: annual rate t: time in year

I = =750 * (1+ 0.035*3) -750 = 78.75

Compound interest I = （P *（1 +r）^ t）-P

I' = 750*(1+0.035)*(1+0.035)*(1+0.035) - 750 = 81.54

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