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Jonah deposited $500 in a savings account, which pays 2.5 percent interest. If he keeps it in the account for 3 and a half years, how much interest will he earn?

Respuesta :

Answer:

$43.75

Explanation:

Data provided in the question:

Amount deposited in the savings account = $500

Rate of Interest paid by the savings account = 2.5% = 0.025

Time  = 3.5 years

Now,

Using the simple interest formula,

The amount of Interest  = Principle × Rate × Time

or

The amount of Interest = $500 × 0.025 × 3.5

or

The amount of Interest = $43.75

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