naquesejones naquesejones
  • 13-11-2019
  • Mathematics
contestada

Hayden invested $750 for 3 years at an interest rate of 0.035 how much interest did he earn in that time

Respuesta :

kenlingdad kenlingdad
  • 13-11-2019

Answer:

78.75 (simple)    81.54 (compound)

Step-by-step explanation:

Simple interest without compounding : I = P * (1 + rt) -P  

I: interest         P: primary investment       r: annual rate   t: time in year

I = =750 * (1+ 0.035*3) -750 =  78.75

Compound interest      I = (P *(1 +r)^ t)-P

I' = 750*(1+0.035)*(1+0.035)*(1+0.035) - 750 = 81.54

Answer Link
calebh97
calebh97 calebh97
  • 13-11-2020

Answer:

$78.75

Step-by-step explanation:

Answer Link

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