The required interest earned on $5,750 deposited into savings account for 3 1/2 years at an annual interest rate of 4.5% is $905.63.
Principal amount (p) = $ 5750, Rate = 4.5%
Tenure or time = 3 1/2 = 3.5 years. Interest earned to be determined.
Interest is the outlay you pay to borrow money. Interest is often deliberated as an annual percentage of a loan amount.
Here,
[tex]Interest = principle*rate*time[/tex]
Interest = 5750 * 4.5%*3.5
interest = 5750*0.045*3.5
= 2587.75*3.5
= 905.63
Intrest earned = $905.63 against $5,750 deposited into savings account for 3 1/2 years.
Thus, the required interest earned on $5,750 deposited into savings account for 3 1/2 years at an annual interest rate of 4.5% is $905.63.
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