Question

mike has deposited 829$ in his savings account. the bank pays an annual interest rate of 6 1/2%. mike leaves his money in his account for 1 year. how much simple interest will he earn.?

Answer 1

$ 53.88

Explanation:

SI = principal × rate × time

100

SI = 829 × 6.5 × 1

100

SI = 53.885

Therefore his simple interest is $ 53.885