Question

Corey deposited $700 into a savings account that pays a simple annual interest rate of 2.9

How much interest will he earn after 3 months?

Answer 1

The simple interest that he will earn after 3 months is $5.075.

Important information:

• Principal amount = $700
• Rate of simple interest = 2.9%

We need to find the simple interest that he will earn after 3 months.

Simple interest:

The simple interest is:

$I=\dfrac{p\times r\times t}{100}$

$I=\dfrac{1}{100}(700\times 2.9\times \dfrac{3}{12})$

$I=7\times 2.9\times \dfrac{1}{4}$

$I=5.075$

Therefore, the simple interest that he will earn after 3 months is $5.075.

Find out more about 'Simple interest' here:

https://brainly.com/question/9895511

Answer 2

Answer:

Step-by-step explanation:

I took the quiz :)