Question

Nina deposited $3400 into a savings account that pays a simple annual interest rate of 2.2% how much interest will she earn after 3 months?

Answer 1

Total = principal * (1 + rate)^years
Total = 3,400 * (1.022)^.25
3,418.55
So, after 3 months, $18.55 in interest is earned.

Answer 2

Interest earned by Nina is equal to $\boldsymbol{\ 18.7}$ if principal amount is equal to $\boldsymbol{\ 3400}$, rate of interest is equal to $\boldsymbol{2.2\%}$ and time period is equal to $\boldsymbol{3}$ months.

Simple interest

Simple interest is calculated on the loan principle or the initial deposit in a savings account.

If $\boldsymbol{p,r,t}$ denote principal amount, rate of interest and time period respectively, simple interest is given by $\boldsymbol{\frac{prt}{100}}$

$p=\ 3400$

$r=2.2\%$

$t=3$ months

  $=\frac{3}{12}$ years

Interest earned by Nina $=\frac{3400\times 2.2\times 3}{12\times 100}$

                                        $=\boldsymbol{\ 18.7}$

Find out more information about simple interest here:

https://brainly.com/question/9895511?referrer=searchResults