First, convert the interest rate to a decimal: 3% = 0.03.
Now calculate the interest earned in 9 months (which is 3/4 of a year):
i = 72299 * 0.03 * (3/4)
i = 72299 * 0.0225
i = 1627.7275
Therefore, Harold will have $72,299 + $1627.73 = $73,926.73 in total in 9 months.
Haroldhas$72,299inasavingsaccount.Theinterestrateis3%peryearandisnotcompounded.Tothenearestcent,howmuchwillhehaveintotalin9months?
Use the formula i = prt, where i is the interest earned, p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.
Round your answer to the nearest cent.
1 answer