Question

Ms.Wright opens a savings account with a deposit of $800. The bank will pay her 3% interest per year A.) how much interest will Ms.Wright receive at the end of 1/2 year B.) how much interest will she receive at the end of 1 year

Answer 1

A) Ms.Wright receive $12 as interest at the end of 1/2 year.

B)  Ms.Wright receive $24 as interest at the end of 1 year.

Step-by-step explanation:

The sum deposited in the bank = Principle  = $800

The rate of simple interest  = 3%

The time = 6 months  = (6/12) years   =  0.5 years

$\textrm{SIMPLE INTEREST} = \frac{P \times R \times t}{100} \\\implies SI = \frac{800 \times 3 \times 0.5}{100} = 12$

So, here simple interest = $12.

So Ms.Wright receive $12 as interest at the end of 1/2 year.

B) Now here Time  = 1 year

so, Simple interest   = $\frac{800 \times 3 \times1 }{100} = 24$

So Ms.Wright receive $24 as interest at the end of 1 year.