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Derrick has $3500 in a savings account that earns 12% annually. If the interest is not compounded, how much interest will he earn in 3 years?

Derrick has $3500 in a savings account that earns 12% annually. If the interest is not compounded, how much interest will he earn in 3 years?
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2 votes
Derrick has $3500 in a savings account that earns 12% annually. If the interest is not compounded, how much interest will he earn in 3 years?

asked
User Stjernaluiht
by
8.4k points

2 Answers

3 votes

Answer: 1260.00

Explanation:

answered
User Hans Kristian
by
8.6k points
7 votes
If the interest is not compounded he will earn 4760.
-proof: 3500 x .12 = 420
420 x 3 = 1260
1260 + 3500 = "4760"
answered
User AkselA
by
8.0k points
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