Andrea opened a savings account with $1,750 she received for graduation. The account pays 4.3% simple interest. What is the balance after 6 months?

Question

asked Mar 10, 2020 48.1k views

1 Answer

Gaslan · Answer 1 · 2020-03-17T09:55:26+0000

Answer:

$1787.625

Explanation:

We first determine the interest earned in 6 months time using the simple interest formula;

$I=(PRT)/(100)\\I=(1750*4.3*0.5)/(100)\\I=37.625$

The balance in the account will be;

1750 + 37.625 = $1787.625