Madison invests money in an account paying a simple interest of 3.2% per year.If she invests $160 and no money will be added or

Question

3 years ago

8

removed from the investment, how much will she have in one year, in dollars and cents?

1 answer:

Tamiku [17] · Answer 1 · 2023-02-18T03:04:45+03:00

The amount of interest she will earn in one year will be 5 dollars and 12 cents.

<h3>What is Simple interest?</h3>

The normal interest levied on the amount borrowed from any bank on a yearly basis is called the simple interest.

Given that:-

The interest of 3.2% per year
Invests $160 and no money will be added or removed from the investment.

The simple interest amount will be:-

SI = ( P x R x T ) / 100

SI = ( 160 x x 3.2 x 1 ) / 100

SI = $5.12

Therefore the amount of interest she will earn in one year will be 5 dollars and 12 cents.

To know more about simple interests follow

#SPJ1