Answer:
Interest Chaney earns after 3 years is $56.85
Step-by-step explanation:
Given:
Amount deposited = $1435.73
Simple annual interest rate = 1.32% = 1.32/ 100 = 0.0132
To find: Interest after 3 years
We know that the formula to calculate the interest amount is
Simple interest (S.I.) = [tex]\frac{Prt}{100}[/tex]
where,
P is the initial amount deposited
r is the rate of simple interest in percentage
t is the time in years for which interest is to be calculated
Substituting the known values in the formula, we get
S.I = [tex]\frac{1435.73 x 1.32 x 3}{100}[/tex]
= 56.85
Hence the interest Chaney earns after 3 years is $56.85
