Question

How much interest is earned on $2,566.45 at 0.4% for three years?

Answer 1

I believe it’s 164.25. You multiply each year by 0.4.

Answer 2

Explanation:

you have to use this equation

A=P(1+ın)

A=Total amount

P=Money invested or borrowed

ı=interest [0.4÷100=0.004]

n=Number of years

then substitute and calculate