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romanna [79]
3 years ago
13

Erika's parents gave her $500 for her high school graduation she put the money into a savings account that earns 7.5% annual int

erest she left the money in the account for 9 months before she withdrew it.
how much interest did the account earn if it interests what is paid monthly
Mathematics
1 answer:
satela [25.4K]3 years ago
3 0

Answer: \$28.13

Step-by-step explanation:

The interest (simple interest) I is calculated by:

I=(P)(r)(t)

Where:

P=\$500 is the principal

r=7.5\% annual=0.075 annual is the percent of the principal that is paid over a period of time (yearly in this case).

t=\frac{9}{12} is the time, since we are told the money was left in the account for 9 months of the 12 months a year has.

I=(\$500)(0.075)(\frac{9}{12})

I=\$28.125 \approx \$28.13

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