Question

How much interest will be earned in 3 years from $730 placed in savings account at 6.5% simple interest

Answer 1

142.35

Explanation:

A=p(1+rt)

First, converting R percent to r a decimal

r = R/100 = 6.5%/100 = 0.065 per year.

Solving our equation:

A = 730(1 + (0.065 × 3)) = 872.35

A = $872.35

The total amount accrued, principal plus interest, from simple interest on a principal of $730.00 at a rate of 6.5% per year for 3 years is $872.35.