Question

Pete opens a simple interest savings account that earns 5% annual interest with an initial deposit 3500. If he doesn’t touch the account for 18 months, how much interest will he earn

Answer 1

Explanation:

18 months = 12 + 6 = 1 year 6 months = 1 1/2 = 3/2

simple interest = P * r*T/100

= 3500 * 5 *3/ 2 *100

=35*5*3/2

= 525/2

= 262.50