Question

Shawn earned $2.77 per day for three days as interest on his $1,000.00 investment. What percent interest did he earn in total? Give your answer to three decimal places.

Answer 1

Answer: He earned 0.831% interest in total.

Step-by-step explanation:

Given: Shawn earned $2.77 per day for three days as interest on his $1,000.00 investment.

Interest per day = $2.77

Interest in 3 days = 3 x ($2.77)

= $8.31

Invested amount= $1000

Required percentage of earnings = $\dfrac{\text{Interest earned in 3 days}}{\text{Initial investment}}\times100$

$=\dfrac{8.31}{1000}\times100=0.831\%$

Hence, he earned 0.831% interest in total.