Question

2. (01.02 MC)

Hazel deposited $1,000 in her savings account. She earned 6.5% annual simple interest on the first $700 of her deposit and 3.5% simple interest on the remainder. How much interest did Hazel earn
after one year? (1 point)
O $45.00
ОО
$51.00
O $56.00
O $65.00

Answer 1

`\text{ \$56.00}`

Step-by-step explanation:

Here, we want to get the interest earned by Hazel after one year

From the given question, $1000 was deposited in the savings account

On the first $700, she earned 6.5%

The interest on this would be:

`(6.5)/(100)*\text{ 700 = \$45.50}`

For the remaining $300, what was earned was 3.5% simple interest

We have that value as:

`(3.5)/(100)*\text{ 300 = \$10.50}`

The total interest here is the sum of the two

Mathematically, we have that as:

`\text{ \$45.50 + \$10.50 = \$56.00}`