Calculate the amount of interest that would be earned on an account of $344,000 if it earned 4.95% for 37 days.
A) $17,028
B) $11,124
C) $991
D) $1,726
E) $2,110

Question

Quizplus · Accepted Answer

The interest can be calculated using the formula for simple interest: Interest = Principal x Rate x Time. Here, the principal is $344,000, the rate is 4.95% per annum, and the time is 37/365 years. Plugging in these values gives an interest of approximately $1,726.

Calculate the Amount of Interest That Would Be Earned on an Account