Answered

Welcome to Westonci.ca, where your questions are met with accurate answers from a community of experts and enthusiasts. Get detailed and precise answers to your questions from a dedicated community of experts on our Q&A platform. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.

Pam has $60,000 in a savings account that earns 11% interest per year. The interest is not compounded. How much interest will she earn in 8 months?

Sagot :

Answer:

The amount of interest is $4,400

Step-by-step explanation:

To get the amount of interest, we use the simple interest formula

Mathematically;

I = PRT/100

I = interest

P is the amount deposited = $60,000

R is interest rate = 11%

t is time in years = 8/12 = 2/3

Substituting these values, we have

I = (60,000 * 11 * 2/3)/100

I = $4,400

Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. We appreciate your time. Please come back anytime for the latest information and answers to your questions. We're glad you chose Westonci.ca. Revisit us for updated answers from our knowledgeable team.