SOLUTION: A clerk gets his first paycheck in the amount of $12500. He invests 40% in a fixed deposit account at a simple interest rate of 8% per annum for 3 years. a.How much did he in

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Question 1172004: A clerk gets his first paycheck in the amount of $12500. He invests 40% in a fixed deposit account at a simple interest rate of 8% per annum for 3 years.
a.How much did he invest ? b.How much interest did he earn?
Found 3 solutions by ikleyn, josgarithmetic, MathTherapy:
Answer by ikleyn(52797)   (Show Source): You can put this solution on YOUR website!
.

From the post, it is UNCLEAR to me, if the clerk did such investment only once (with his first paycheck),

or he did it regularly with every paycheck each month ?



Answer by josgarithmetic(39618)   (Show Source): You can put this solution on YOUR website!
(a)


(b)
---------only if this is first year, and if compounding is yearly. Not for the full three years.
Answer by MathTherapy(10552)   (Show Source): You can put this solution on YOUR website!

A clerk gets his first paycheck in the amount of $12500. He invests 40% in a fixed deposit account at a simple interest rate of 8% per annum for 3 years.
a.How much did he invest ? b.How much interest did he earn?
He's WRONG, AS USUAL. Interest was NOT , so . 

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