Answer:
238.65
Step-by-step explanation:
To find the simple interest we use the formula:
A = P(1 + rt)
Let's break down all the variables that we have.
P = 3,700
r = 2.15% or 0.0215
t = 3
So let's put all our variables into the formula.
A = P(1 + rt)
A = 3,700(1 + (0.0215)(3))
A = 3,700(1 + 0.0645)
A = 3,700(1.0645)
A = 3938.65
Gary will have a total of 3938.65 in his account after 3 years. Now to find how much he made in interest, we simply subtract the total after 3 years to his initial amount.
Interest = 3938.65 - 3700
Interest = 238.65
