Question

Jason puts 500$ in a savings account at an annnual interest rate of 3% if he does not put money in or take money out what is the interst he will get at the end of 8 months round up to the nerest cent

Answer 1

$500.1

Explanation:

Step one:

principal= $500

rate= 3%

time 8 months

Required

The final amount

Step two;

simple interest= PRT/100

SI= (500*0.03*8/12)/100

SI=10/100

SI=0.1

The final amount is

Amount= 500+0.1

Amount= $500.1