Question

Jason invests $3000 in a bank account that pays 2% simple interest per year. He invests the money for 7 months. Calculate the amount of interest Jason earns.

Answer 1

Answer: $3059.58

Explanation:

A = P(1+r/n)^nt = 3000(1+0.02/(5/7))^5/7 = 3059.58