Question

You can calculate the interest on a savings account by using this formula: Interest = Principal × Rate × Time If Mary deposits $275 in principal at an interest rate of 3.2 percent, how much interest will she earn in one year? A. $880 B. $18.80 C. $8.80 D. $88

Answer 1

Answer:

Option C is correct

$8.80

Step-by-step explanation:

Given the  formula for interest:

$\text{Interest} = \text{Principal} \times \text{Rate} \times \text{Time}$

As per the statement:

If Mary deposits $275 in principal at an interest rate of 3.2 percent.

⇒Principal = $275 and Rate = 3.2% = 0.032

We have to find interest will she earn in one year.

⇒Time = 1 year

Substitute these in the formula we have';

$\text{Interest} = 275 \times 0.032 \times 1 = \ 8.80$

Therefore, $8.80 interest will she earn in one year

Answer 2

I= P x R x T
I= 275 x 3.2% x 1
I=275 x .032 
I=$8.8

C. $8.80 

Hope this helps :)