Answer to Question #178871 in Financial Math for David

Question

Chivon invests $2757 in a simple interest account. The annual interest rate is 2.1%.

How much money in total will she have earned at the end of 3 years?

Answer 1

$interest, I=\frac{PRT}{100}=\frac{(2757\times 2.1\times 3)}{100}=\$173.691$

$Amount, A=P+I=2757+173.691=\$2,930.691$