Question

Derek has a bank account that pays 4.1% simple interest. He deposits $910 and leaves it in for 2.5 years. How much interest does he earn.​

Answer 1

After 2 and a half years, Derek's bank account will have earned interest of $ 93.27.

Explanation:

Given that Derek has a bank account that pays 4.1% simple interest, and he deposits $ 910 and leaves it in for 2.5 years, to determine how much interest does he earn, the following calculation must be performed, knowing that simple interest is not added to the initial capital:

(910 x 0.041) x 2.5 = X

37.31 x 2.5 = X

93.275 = X

Thus, after 2 and a half years, Derek's bank account will have earned interest of $ 93.27.