Question

Debbie has $413,640 in a savings account that earns 12.1 % annually. The interest is not compounded. How much interest will she earn in 9 months?

Answer 1

P = 413640, r = 12.1% per year = 0.121, time = 9months = 9/12 = 3/4 = 0.75 year.

I = Prt

I = 413640 * 0.121*0.75 = 37 535.83

Interest = $37,535.83

Answer 2

$450,636.8878 is total amount(including initial amount) in 9 months.

$36,996.8878 is the amount of interest she earned(not including initial amount)