Question

10. Zeke is calculating the interest earned on a deposit of $5,200 in an account that earns 3.15%

simple interest after 48 months.
I = prt
I = 5,200(.03 15) (48)
I= 7,862.4
Zeke finds the interest earned to be $7,862.40 as shown in his work above. Find and describe the
mistake in Zeke's work:
Find the correct amount of interest earned:

Answer 1

686.81

Explanation:

The interest of this Question is 686.81.

P: 5200

T:4 Years

R: 0.0315

A=5200(1+0.0315)^4 = Total Value - P = The interest. AKA 686.81

Answer 2

655.20

Explanation: