Jonathan has $44,200 in a saving account. The interest rate is 7% per year and is not compounded. How much interest will he earn

Question

3 years ago

6

in 3 years?

1 answer:

harina [27] · Answer 1 · 2022-01-29T05:08:45+03:00

The interest that he gains after 3 years is $9282.

Step-by-step explanation:

Step 1: Given details are Principal amount (P) in bank = $44200, Interest rate, R = 7%, Time, T = 3 years. Since interest is not compounded, we have to calculate simple interest.

⇒ SI = (44200 × 7 × 3)/100

⇒ SI = 442 × 7 × 3

⇒ SI = $9282