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Yousef deposits $425.00 in a savings account that earns a simple interest rate of 3.5% annually. How much interest does Yousef earn after three months? (4 points)
$3.72
$8.92
$8.93

Respuesta :

sqdancefan

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Answer:

  (a)  $3.72

Step-by-step explanation:

The interest is found using the formula ...

  I = Prt

where P is the principal invested at rate r for t years. 3 months is 1/4 year, so the interest is ...

  I = $425×0.035×1/4 ≈ $3.72

Yousef earns $3.72 after 3 months.

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