If it is simple interest we can say that you earn 2.2% per 6 months as 2.2 = 4.4/2
Now as all we need is the interest earned, we can simply find 2.2% of $550 This is done by dividing 2.2 by 100 to get 0.022 and then doing 0.022 * 550 = 12.1
First, converting R percent to r a decimal r = R/100 = 4.4%/100 = 0.044 per year, putting time into years for simplicity, 6 months ÷ 12 months/year = 0.5 years, then, solving our equation
A = 550(1 + (0.044 × 0.5)) = 562.1 A = $ 562.10
The total amount accrued, principal plus interest, from simple interest on a principal of $ 550.00 at a rate of 4.4% per year for 0.5 years (6 months) is $ 562.10.
