Gretta has a savings account with $6,500 in it that earns 9.5% simple interest per year. How much interest, to the nearest cent,

Question

Masja [62]

1 year ago

13

Gretta has a savings account with $6,500 in it that earns 9.5% simple interest per year. How much interest, to the nearest cent,

will Gretta earn in 1 year? Give your answer in dollars.

Mathematics

2 answers:

meriva · Answer 1 · 2024-02-24T23:11:47+03:00

meriva1 year ago

6 0

Answer: $617.50

Step-by-step explanation:

9.5% of 6500 = 9.5*6500/100=9.5*65=617.5

So the interest is $617.5 or $617.50

Hope this helped. If you have any questions or clarifications please ask.

Thanks and please rate!

lidiya [134] · Answer 2 · 2024-02-25T00:27:29+03:00

Answer:

Gretta will earn $617.50 interest

A = $7,117.50

Equation:

A = P(1 + rt)

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 9.5%/100 = 0.095 per year.

Solving our equation:

A = 6500(1 + (0.095 × 1)) = 7117.5

A = $7,117.50

The total amount accrued, principal plus interest, from simple interest on a principal of $6,500.00 at a rate of 9.5% per year for 1 years is $7,117.50.