asked 38.9k views
2 votes
An investment of $1,000 is earning interest at the rate of 3.8% compounded daily over 3 years. Approximately how much interest is earned on the investment?

a. $892.26
b. $1120.75
c. $120.75
d. $38.73

asked
User Henryaz
by
7.9k points

2 Answers

3 votes

Answer:

C

Step-by-step explanation:

answered
User Deqyra
by
9.3k points
6 votes
Approximately $120.75 interest is earned on the investment. The correct answer between all the choices given is the third choice or letter C. I am hoping that this answer has satisfied your query and it will be able to help you in your endeavor, and if you would like, feel free to ask another question.
answered
User Czarina
by
8.3k points
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