Question

What would be the yearly earnings for a person with $9900 in savings at an annual interest rate of 11.2% percent? (Round your answer to the nearest whole number. Do not include the comma, period, and "$" sign in your response.)

Answer 1

Answer:

$1,109

Explanation:

The computation of the yearly earnings is shown below:

Yearly earnings = Savings × Annual interest rate

                          = $9,900 × 11.2%

                          = $1,109

For computing the yearly earnings, we multiplied the saving with the annual interest rate so that the estimated amount can come