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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

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

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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