SOLUTION: if you deposit $150 in an account that earns simple interest.The annual interest rate is 3.2%. How much interest will you earn in 3 years?

Question 387756: if you deposit $150 in an account that earns simple interest.The annual interest rate is 3.2%. How much interest will you earn in 3 years?
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
Let
Let = earnings at end of each year
At the end of the 1st year:

At the end of the 2nd year:

At the end of the 3rd year:

Substituting:

Interest earned =
In 3 years $14.87 interst is earned
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