Question

Francisco invested $5,000 into an account that earns 3% compounded quarterly. How many times will Francisco earn interest after keeping the money in the account for 5 years?

Answer 1

Answer:

The answer for this question is 750.00 dollars. The equation is I=prt

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 3%/100 = 0.03 per year,

then, solving our equation

I = 5000 × 0.03 × 5 = 750

I = $ 750.00

The simple interest accumulated

on a principal of $ 5,000.00

at a rate of 3% per year

for 5 years is $ 750.00.