Answer:
Luke has earned $9 in interest after one year.
Explanation:
To calculate how much money Luke has earned in interest after one year, we can use the formula for simple interest:
I = P * r * t
where:
I is the interest earned
P is the principal (the initial amount of money)
r is the interest rate expressed as a decimal
t is the time period in years
In this case, we have:
P = $600 (the initial amount of money)
r = 0.015 (1.5% interest rate expressed as a decimal)
t = 1 (one year)
Plugging these values into the formula, we get:
I = $600 * 0.015 * 1 = $9
Therefore, Luke has earned $9 in interest after one year.
For more help:
Here are the steps to calculate how much money Luke has earned in interest after one year:
Step 1: Identify the given information
Read the problem carefully and identify the relevant information. In this case, we are told that Luke checks his bank account and finds that he has $600 in it. We are also given that he is earning 1.5% interest per year on this account.
Step 2: Identify the formula to use
The formula for simple interest is:
I = P * r * t
where:
I is the interest earned
P is the principal (the initial amount of money)
r is the interest rate expressed as a decimal
t is the time period in years
In this case, we are given the values of P, r, and t, so we can use this formula to calculate the interest earned.
Step 3: Plug in the values
Now we can plug in the values that we identified in Step 1 into the formula from Step 2.
I = P * r * t
I = $600 * 0.015 * 1
Simplifying the right-hand side:
I = $9
Step 4: Interpret the answer
The final answer is $9, which represents the interest earned by Luke on his $600 bank account after one year.
Hope this helps, if not I'm sorry. If you need more help (or have questions) feel free to ask me! :]