Question

Devin invested $750 in a cd that pays 6% simple interest, calculated quarterly. how much money will devin earn in 3 years?

Answer 1

Hello there.

how much money will devin earn in 3 years?

$ 885.00.

Answer 2

This simple interest calculator calculates an accrued amount that includes principal plus interest. The equation is A = P(1 + rt). Given the details provided, A = $ 885.00
The calculation: First, converting R percent to r a decimal
r = R/100 = 6%/100 = 0.06 per year, then, solving our equation
A = 750(1 + (0.06 × 3)) = 885 
A = $ 885.00

The total amount accrued, principal plus interest, from simple interest on a principal of $ 750.00 at a rate of 6% per year for 3 years is $ 885.00.