A savings account earns 4.5% simple interest per year. If $650 is deposited and no withdrawals are made during one year, how muc

Question

IrinaVladis [17]

2 years ago

10

A savings account earns 4.5% simple interest per year. If $650 is deposited and no withdrawals are made during one year, how muc

h interest will be earned after one year?

Mathematics

2 answers:

lubasha [3.4K] · Answer 1 · 2022-05-30T23:28:14+03:00

Answer:

$29.25

Step-by-step explanation:

The formula for amount of interest is the P*R*T. Because the principal is $650 dollars, and the rate is 4.5% for 1 year, the formula so far is 650*0.045*T. The interest is per annum or annual, so the time has to be in terms of years, which in this case is 1 year. This would give you 650*0.045. The answer for that is simply $29.25.

Zinaida [17] · Answer 2 · 2022-05-30T21:35:01+03:00

Zinaida [17]2 years ago

5 0

679.25 is the answer