Question

Eric earns 6.5% simple interest annually on his savings account. he has a beginning balance of $459.32. how much interest does he receive?

Answer 1

The amount Eric received will be calculated using simple interest formula given by:
S.I=PRT/100
where:
P=principle
R=rate
T=time
thus the amount of interest Eric will receive will be:
(6.5×459.32×1)/100
=$29.8558

Answer: $29.8558