Answered

At Westonci.ca, we connect you with the best answers from a community of experienced and knowledgeable individuals. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals.

Find the principal on a savings account with 1.6% interest rate that has earned $25.65 over 2 years.

Sagot :

Eddie1Wan

Answer:

801.5625

Step-by-step explanation:

25.65×100/1.6×2=801.5625

The principal on a savings account with 1.6% interest rate that has earned $25.65 over 2 years will be 801.56 dollars.

What is simple interest?

Simple interest is a method of calculating the interest charge.

Simple interest can be calculated as the product of principal amount, rate and time peroid.

Simple Interest = (Principal × Rate × Time) / 100

The principal on a savings account with 1.6% interest rate that has earned $25.65 over 2 years.

Simple Interest = (Principal × Rate × Time) / 100

25.65 × 100/(1.6 × 2 )

= 801.5625

Therefore, the  principal on a savings account with 1.6% interest rate that has earned $25.65 over 2 years will be 801.56 dollars.

Learn more about simple interest here;

https://brainly.com/question/1548909

#SPJ2

We hope our answers were useful. Return anytime for more information and answers to any other questions you have. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Get the answers you need at Westonci.ca. Stay informed by returning for our latest expert advice.