1. phineas puts $300 into a certificate of deposit that earns 4.41%. if the money is compounded monthly, how…

1. phineas puts $300 into a certificate of deposit that earns 4.41%. if the money is compounded monthly, how much will it be worth in 3 years? formula 2 points. state your answer in terms of dollars, rounded to the nearest cent, but do not include a $ sign or the word \dollars\ with your response. 2. find the amount of interest earned on a 16 - year investment of $6300 at a simple annual rate of 4.81%. formula 2 points. state your answer in terms of dollars rounded to the nearest cent, but do not include a $ sign or the word \dollars\ with your response.

1. phineas puts $300 into a certificate of deposit that earns 4.41%. if the money is compounded monthly, how much will it be worth in 3 years? formula 2 points. state your answer in terms of dollars, rounded to the nearest cent, but do not include a $ sign or the word \dollars\ with your response. 2. find the amount of interest earned on a 16 - year investment of $6300 at a simple annual rate of 4.81%. formula 2 points. state your answer in terms of dollars rounded to the nearest cent, but do not include a $ sign or the word \dollars\ with your response.

Answer

Explanation:

Step1: Identify simple - interest formula

The simple - interest formula is $I = Prt$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years. Given $P=$6300$, $r = 4.81%=0.0481$, and $t = 16$ years.

Step2: Substitute values into formula

$I=6300\times0.0481\times16$. First, calculate $6300\times0.0481 = 303.03$. Then, $303.03\times16=4848.48$.

Answer:

4848.48