SOLUTION: Craig opens a savings account with $850. His account earns 3% annual simple interest. How much interest will Craig earn in 18 months?

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Question 558194: Craig opens a savings account with $850. His account earns 3% annual simple interest. How much interest will Craig earn in 18 months?
Found 2 solutions by rfer, stanbon:
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
I=850*0.03*1.6
I=$40.80

Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Craig opens a savings account with $850. His account earns 3% annual simple interest. How much interest will Craig earn in 18 months?
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A(t) = P(1+nr)
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A(3/2) = 850(1 + (3/2)(0.03))
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= 850 + 1.5*0.03*850
----
= $888.25
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Cheers,
Stan H.