Jessa Walton deposits $275.00 in a savings account. The account pays an annual interest rate of 5%. She makes no other deposits and withdrawals. After 3 months, the interest is calculated. How much simple interest did his money earn?
The answer is supposed to be $3.44 but I don't know how to set up the equation and solve it. Please help.

Question

06-12-2022
Mathematics

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Jessa Walton deposits $275.00 in a savings account. The account pays an annual interest rate of 5%. She makes no other deposits and withdrawals. After 3 months, the interest is calculated. How much simple interest did his money earn?
The answer is supposed to be $3.44 but I don't know how to set up the equation and solve it. Please help.

Sagot :

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