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yKpoI14uk [10]
3 years ago
8

Francois deposits $350.00 in a savings account. The account pays an annual interest rate of 4.3%. He makes no other deposits or

withdrawals. After 3 months, the interest is calculated. How much simple interest did his money earn?
Business
1 answer:
neonofarm [45]3 years ago
4 0

Answer:

$3.7625

Explanation:

Simple interest is calculated as

Interest = P x r x t

Where

p = principal amount.. $350

r= interest rate: 4.3% or 0.043

t= time in years: 3 months or 3/12 =0.25 years

Interest = $350 x 0.043 x 0.25

=$3.7625

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