3.
franco deposits $3600.00 in a savings account. the account pays an annual interest rate of 4%. he makes no other deposits or withdrawals. after 3 months, the interest is calculated. how much simple interest did his money earn?

36.00

38.00

35.47

37.00

His money earned $36 after 3 months

Step-by-step explanation:

* Lets revise the rules of simple interest

- Simple Interest Equation (Principal + Interest)

 A = P(1 + rt)

- Where:

•A = Total amount (principal + interest)  future amount

•P = Principal Amount

•I = Interest Amount

•r = Rate of Interest per year in decimal; r = R/100

•t = Time Period involved  

* To calculate the interest I use the formula

  I = P × r × t

* Lets solve the problem

- The rate is annual

- The interest calculated after 3 months

∴ I = P × R/100 × t/12

∵ P = $3600.00

∵ R = 4%

∵ t = 3 month

∴ I = 3600.00 × 4/100 × 3/12 = $36

* His money earned $36 after 3 months

1 and 2

step-by-step explanation:

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