Jessica deposits $300 into a savings account that pays a simple interest rate of 6%. How much money will Jessica have in her acc

Question

mina [271]

3 years ago

5

Jessica deposits $300 into a savings account that pays a simple interest rate of 6%. How much money will Jessica have in her acc

ount at the end of six months

Mathematics

2 answers:

Reptile [31] · Answer 1 · 2022-08-23T10:11:58+03:00

Reptile [31]3 years ago

6 0

<span>Simple Interest =P*R*T/100 P=principal = 300 R=rate of interest=60% T=Time=6 months= 1/2year 300*60*1/2*100=9 In the account she will be having P+9$=300+9=309$ </span>

mezya [45] · Answer 2 · 2022-08-23T11:35:12+03:00

P= C(1+ r)^t where P is the money she gets after six months, C is the initial deposit, r is the simple interest rate (in decimal 0.06) and t is the number of years invested (since it's only months, we put down 12 x 0.5). Putting those numbers in the equation, we get $425.56.