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Popular Word Problems >

Derek has 34,891 in a savings account that earns 9% interest per year. To the nearest cent, how much interest will he earn in 3 years?

Solution

Dere k ha s 34, 891 in a s a v in g s a cco u n t t ha t e a r n s 9% in t eres t p er ye a r . T o t h e n e a res t ce n t, h o w m u c h in t eres t w i ll h e e a r n in 3 ye a rs ?

Solution

Interest : 9420.57

Solution steps

Translate the problem into an equation:

I = 34891 \cdot 0.09 \cdot 3

Simplify

I = 34891 \cdot 0.09 \cdot 3

Interest : 9420.57

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