Answer:
Interest= $402.96
Explanation:
Giving the following information:
Initial investment (PV)= $2,500
Interest rate (i)= 0.0075
Number of periods (n)= 20 days
To calculate the interest earned after 20 days, we need to use the following formula:
Interest= PV*(1 + i)^n - PV
Interest= 2,500*(1.0075^20) - 2,500
Interest= $402.96
