Write an expression using fractions to show how to determine the amount that each person will pay. Then calculate each person's
2 answers:
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Answer:
Interest Chaney earns after 3 years is $56.85
Step-by-step explanation:
Given:
Amount deposited = $1435.73
Simple annual interest rate = 1.32% = 1.32/ 100 = 0.0132
To find: Interest after 3 years
We know that the formula to calculate the interest amount is
Simple interest (S.I.) =
where,
P is the initial amount deposited
r is the rate of simple interest in percentage
t is the time in years for which interest is to be calculated
Substituting the known values in the formula, we get
S.I =
= 56.85
Hence the interest Chaney earns after 3 years is $56.85