Question

Robert invests $3,250 into a money market account with an annual 1.7% simple interest rate. If he does not add or subtract any money, how much interest will he earn after three years?

Answer 1

I = PRT/100    where P = pricipal, R = rate and T = number of years. I = interest.

So answer is (3250 * 1.7 * 3) / 100  =  $165.75