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3 years ago

For the following compound interest problem, how much interest would you earn if you put $600 in the bank at 5.5% for 2.25 year.

Mathematics

1 answer:

s2008m [1.1K]3 years ago

8 0

Answer:

$74.25

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 5.5%/100 = 0.055 per year,

then, solving our equation

I = 600 × 0.055 × 2.25 = 74.25

I = $ 74.25

The simple interest accumulated

on a principal of $ 600.00

at a rate of 5.5% per year

for 2.25 years is $ 74.25.

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Step-by-step explanation:

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Step 2 : Find the equation

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Step-by-step explanation:

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3 years ago

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Step-by-step explanation:

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