Answered

Explore Westonci.ca, the leading Q&A site where experts provide accurate and helpful answers to all your questions. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

A savings account earns 4.5% simple interest per year. If $650 is deposited and no withdrawals are made during one year, how much interest will be earned after one year?

Sagot :

679.25 is the answer

Answer:

$29.25

Step-by-step explanation:

The formula for amount of interest is the P*R*T. Because the principal is $650 dollars, and the rate is 4.5% for 1 year, the formula so far is 650*0.045*T. The interest is per annum or annual, so the time has to be in terms of years, which in this case is 1 year. This would give you 650*0.045. The answer for that is simply $29.25.

Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Thank you for using Westonci.ca. Come back for more in-depth answers to all your queries.