Can someone help me? I know I’m doing something wrong but I’m not sure what. This is an example: A $624 at 5% for 3 years T

Question

Can someone help me? I know I’m doing something wrong but I’m not sure what.

This is an example: A $624 at 5% for 3 years
This is how I solved the problem:
(624)(.05)(3)
= 93.60​

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Verity 5 days 2021-07-18T23:19:30+00:00 1 Answers 1 views 0

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    2021-07-18T23:21:22+00:00

    Answer:

    Step-by-step explanation:

    CI = 624 x 1.05 ^3 =722.358 for whole investment   722.36-624 =98.36 for interest only

    or for interest only do 624 x .05^3 = 98.36

    Standard interest is done like this

    year 1 = 624 x 1.05 = 655.20

    655.20-624 = 31.20

    year 2 = 655.20 + 31.20 = 686.40

    year 3 = 686.40 + 31.20 = 717.60

    total interest = 717.60-624 = 93.60

    So standard interest is the method you have done they may be asking for either compound interest which is the first one or asking for whole investment which means you need to also add 624 at end for Standard interest.

    if you need CI interest do the top one.

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