+23252 This isn't a compound interest problem; this is a simple interest problem, whose formula is:
Interest = Principal x Rate X Time
The principal is 600; the rate is 3.5%; since the time is unknown, assume 1.
3.5% written as a decimal is 0.035 (divide 3.5 by 100, moving the decimal point two places to the right).
Interest = 600 x 0.035 x 1 = 21.00
To be compound interest, you would need to find the amount of interest earned after several periods, such as 3.5% per year for 5 years.
+23252 This isn't a compound interest problem; this is a simple interest problem, whose formula is:
Interest = Principal x Rate X Time
The principal is 600; the rate is 3.5%; since the time is unknown, assume 1.
3.5% written as a decimal is 0.035 (divide 3.5 by 100, moving the decimal point two places to the right).
Interest = 600 x 0.035 x 1 = 21.00
To be compound interest, you would need to find the amount of interest earned after several periods, such as 3.5% per year for 5 years.
