Question

Hayden invested $750 for three years at an interest rate of 0.035. How much interest did he earn in that time?

Answer 1

multiply

Answer 2

Do you understand

Answer 3

yes but my bud here is telling me that you don have to multiply but you agreed with me so thank you

Answer 4

Every year, he is getting 3.5% of his money as compound interest. So he has $750+$750*0.035 which can also be expressed as 750(1+0.035)=750*1.035 (just by factoring). Each year his amount is being multiplied by 1.035 and there are three years so our answer is:
\[$750\times1.035^3\]Put that in your calculator for your answer.

Answer 5

got it bye