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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Khánh Gia 4 years 2021-09-05T04:07:44+00:00 1 Answers 1 views 0

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  1. phucdien
    0
    2021-09-05T04:08:48+00:00
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    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

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