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jeka94
3 years ago
5

You have 3 online accounts in three different banks valued at: bank "A" = $250.67, 12% interest, bank "B" $765.13, 7% interest,

and bank "C" $28,500.36, 9% interest. What is the average interest gained from the three accounts in one year?
Mathematics
1 answer:
gregori [183]3 years ago
3 0

Answer:

\$882.89

Step-by-step explanation:

we know that

The simple interest formula is equal to

I=P(rt)

where

I is the Final Interest Value

P is the Principal amount of money to be invested

r is the rate of interest  

t is Number of Time Periods

in this problem we have

Bank A

t=1\ years\\ P=\$250.67\\r=12\%=12/100=0.12

substitute in the formula above

I=250.67(0.12*1)=\$30.08

Bank B

t=1\ years\\ P=\$765.13\\r=7\%=7/100=0.07

substitute in the formula above

I=765.13(0.07*1)=\$53.56

Bank C

t=1\ years\\ P=\$28,500.36\\r=9\%=9/100=0.09

substitute in the formula above

I=28,500.36(0.09*1)=\$2,565.03

Find the average interest gained from the three accounts in one year

[\$30.08+\$53.56+\$2,565.03]/3=\$882.89

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