Answer :
Answer:
The interest earned is $421.2.
Step-by-step explanation:
This is a simple interest problem.
The simple interest formula is given by:
[tex]E = P*I*t[/tex]
In which E is the amount of interest earned, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.
In this question:
[tex]P = 2880, I = 0.045, t = 3 + \frac{1}{4} = 3.25[/tex]
So
[tex]E = P*I*t[/tex]
[tex]E = 2880*0.045*3.25[/tex]
[tex]E = 421.2[/tex]
The interest earned is $421.2.