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A savings account starts with $980 at a simple interest rate of 5.5%. How much interest will the account earn in 3 years?
Question
A savings account starts with $980 at a simple interest rate of 5.5%. How much interest will the account earn in 3 years?
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Mathematics
4 years
2021-09-05T04:07:44+00:00
2021-09-05T04:07:44+00:00 1 Answers
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Answers ( )
Answer:
Interest = $161.70
Step-by-step explanation:
Formula:
I = Prt
Given:
P = 980
r = 0.055
t = 3
Work:
I = Prt
I = 980(0.055)(3)
I = 53.9(3)
I = 161.7