Question

Matt has $550 in his savings account. He is eager to know how much interest the bank will pay him for the whole year. He knows that the bank pays a 3 percent interest rate. He sits down with a pen, paper, and calculator to find out the simple interest. Let’s help him out solve the equation to find the simple interest that Matt will receive.

Answer 1

Answer:

P=$550

r=0.03

t=1

Step-by-step explanation:

hope this helps

Answer 2

Answer: $566.50

Step-by-step explanation:

Look at pic!