SOLUTION: Danny has $2,100 in his savings account. He receives 0.78% anhual simple interest. If he makes no further deposits or withdrawals, how much money will he earn in simple interest

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Danny has $2,100 in his savings account. He receives 0.78% anhual simple interest. If he makes no further deposits or withdrawals, how much money will he earn in simple interest       Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 361637: Danny has $2,100 in his savings account. He receives 0.78% anhual simple interest. If he makes no further deposits or withdrawals, how much money will he earn in simple interest in 3 yrs.
Found 2 solutions by rfer, JBarnum:
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
I=2100*0.0078*3
I=49.14

Answer by JBarnum(2146) About Me  (Show Source):
You can put this solution on YOUR website!
1st year
.0078%2A2100=16.38
16.38%2B2100=2116.38
2nd year
.0078%2A2116.38=16.51
16.51%2B2116.38=2132.89
3rd year
.0078%2A2132.89=16.64
16.64%2A2132.89=2149.53
interest earned
2149.53-2100=highlight%2849.53%29