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Chapter 2: Q 537. (page 217)

Winston deposited $3,294 in a bank account with interest rate 2.6%. How much interest was earned in five years?

Short Answer

Expert verified

Interest is equal to$428.22

Step by step solution

01

Step 1. Given information

Winston deposited $3,294 in a bank account with interest rate 2.6%.

02

Step 2. Find interest earned in five years.

Amount invested for a period of tyears P=$3294

Rate of interest role="math" (R)=2.6%

t=5years

Interest earned =PRt100

=3294脳2.6脳5100=$428.22

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