Gianna put $1000 in a savings account for 18 months, The interest on the account is 3.5%. How much will Gianna earn in interest?
What amount will she have at the end of that time period?
1 answer:
Answer:
amount of interest = 52.5
amount at the end of the period = 1052.5
Step-by-step explanation:
use the formula for simple interest
PRT/100
P is the principle
R is the rate of interest charged
T is the Time taken
18 months = 1 years 6 months ( 1.5 years)
1000 * 3.5 * 1.5 = 5250
5250/100 = 52.5
the amount of interest = <u>52.5</u>
the amount she will have at the end of the period
= 1000 +52.5
= <u>1052.5</u>
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