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?

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madisynmckenzie2007 madisynmckenzie2007

06-02-2021
Mathematics

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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?

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stevenmuniz0480 stevenmuniz0480 · Answer 1 · 2021-02-06T12:56:08-05:00

stevenmuniz0480 stevenmuniz0480

06-02-2021

679.25 is the answer

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sriswaroop sriswaroop · Answer 2 · 2021-02-06T12:57:16-05:00

sriswaroop sriswaroop

06-02-2021

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.

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