Question

A seventh-grade class raised $380 during a candy sale. They deposited the money in a savings account for 6 months. If the bank pays 5.3% simple interest per year, how much money will be in the account after 6 months?

Answer 1

Answer: You want to calculate the interest on $380 at 5.3% interest per year after .5 year(s).

The formula we'll use for this is the simple interest formula, or:

Where:

P is the principal amount, $380.00.

r is the interest rate, 5.3% per year, or in decimal form, 5.3/100=0.053.

t is the time involved, 0.5....year(s) time periods.

So, t is 0.5....year time periods.

To find the simple interest, we multiply 380 × 0.053 × 0.5 to get your answer.

Step-by-step explanation: