jackie82379
Answered

Westonci.ca is the ultimate Q&A platform, offering detailed and reliable answers from a knowledgeable community. Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.

How much interest will Hannah
earn in 6 months if
she deposits
$630 in a savings account at a
6.5% interest rate?

Sagot :

keeping in mind that a year has 12 months, thus 6 months is really 6/12 of a year.

[tex]~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$630\\ r=rate\to 6.5\%\to \frac{6.5}{100}\dotfill &0.065\\ t=years\to \frac{6}{12}\dotfill &\frac{1}{2} \end{cases} \\\\\\ I = (630)(0.065)(\frac{1}{2}) \implies I\approx 20.48[/tex]

Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. We're glad you chose Westonci.ca. Revisit us for updated answers from our knowledgeable team.