Question

amy opened a savings account with $1,750 she recieved for graduation. The account pays 4.3% simple interest. What is the balance after 6 months?

Answer 1

Amount in the account = $1750

Rate of interest yearly = 4.3%

Hence interest incurred after half year will be =

$I=\frac{p*r*t}{100}$

I =$\frac{1750*4.3*6}{100*12}$

I = 37.625

Hence, balance after 6 months will be = $1750+37.625=1787.625$

= $1787.625