Question

1. Jada deposited $867 into a savings account that pays a simple annual interest rate of 0.89%. How much interest will she earn after 15 months

Answer 1

$9.65

Explanation:

We are given that Jada deposited $867 into a savings account that pays a simple annual interest rate of 0.89% and we are to find the interest she will earn after 15 months.

So we will use the formula:

Interest = P × R × T

where P = principal, R = rate, T = time in years

Substituting the given values in the above formula:

Interest =
`867` ×
`(0.89)/(100)` ×
`(15)/(12)` = $9.65