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Veseljchak [2.6K]
3 years ago
14

erin has 40,000 in a savings account that earns 15% interest per year. the interest is not compounded. how much will she have in

3 months?
Mathematics
1 answer:
professor190 [17]3 years ago
7 0

Answer:

$41500

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 15%/100 = 0.15 per year,

putting time into years for simplicity,

3 months ÷ 12 months/year = 0.25 years,

then, solving our equation

I = 40000 × 0.15 × 0.25 = 1500

I = $ 1,500.00

The simple interest accumulated

on a principal of $ 40,000.00

at a rate of 15% per year

for 0.25 years (3 months) is $ 1,500.00.

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