SOLUTION: Robert invests $3,250 into a money market account with an annual 1.7% simple interest rate. If he does not add or subtract any money, how much interest will he earn after three yea
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-> SOLUTION: Robert invests $3,250 into a money market account with an annual 1.7% simple interest rate. If he does not add or subtract any money, how much interest will he earn after three yea
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Question 1143634: Robert invests $3,250 into a money market account with an annual 1.7% simple interest rate. If he does not add or subtract any money, how much interest will he earn after three years? Answer by ikleyn(52776) (Show Source):
For a simple interest account, the interest = A*r*t,
where A is the initial deposit value; r is the annual rate presented as a decimal, and t is the time in years.
In your case the interest = 3250*0.017*3 dollars.
Use your calculator.
