Question

Find the amount of simple interest earned for depositing the given principle in an account if $2200 is invested at 5.5 %

for 6 months

Answer 1

Answer: $726 in interest is accumulated over a period of 6 months

Answer 2

$60.50

Explanation:

Put the given numbers into the formula and do the arithmetic. 6 months is 1/2 year.

i = Prt . . . . i is interest earned, P is principal amount, r is annual rate, t is number of years

i = $2200×0.055×0.5 = $60.50

The amount of simple interest earned in 6 months is $60.50.