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3 years ago

Jaycee Alvarez deposits $425 in a savings account at City Bank. The account pays an annual interest rate of

Mathematics

1 answer:

Kryger [21]3 years ago

5 0

Answer: $5.84

Step-by-step explanation:

Simple interest is calculated using the formula: PRT/100

where P = principal = $425

R = rate = 5.5%

T = time = 3/12 = 1/4 = 0.25

S.I = PRT/100

= (425 × 5.5 × 0.25)/100

= $584.375/1000

= $5.84

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