Question

1. Tyee LaFleure deposited $760. No other deposits or withdrawals were

made, After 3 months the interest was computed at an annual interest
rate of 5 percent. How much simple interest did his money earn!

Answer 1

There is a principle of $760
The money is in his account for 3 months, 1/4 of a year
5%= 0.05
I=Prt
I=760×0.05×1/4
I=9.5
760+9.5=769.5
Solution: He will have $769.50 in his account