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Sally has $1032 in her savings account if the bank pays 3.5% simple internet on savings how much does she earn in one year

User Rijnhardt
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1 Answer

26 votes
26 votes

Answer:

Angie will earn the amount of $36.12 in one year

Explanation:

Given: Angie has $1032 in her savings account.

To find: How much does he earn in one year if the bank pays 3.5% interest

The Formula used: S.I = PRT/100

Solution:

Simple Interest:

The method of calculating interest for a specific principal amount of money at a certain rate of interest is known as simple interest (S.I.).Simple interest is calculated by multiplying the principal by the time, interest rate, and period.

Formula :

"Simple Interest = Principal x Interest Rate x Time" ÷ 100

Given,

Angie has $1032 in her savings account.

Principal P = $ 1032

The bank pays 3.5% simple interest on savings.

Rate R = 3.5%

Time T = 1 year

We know that

Simple Interest S.I = PRT/100

S. I = 1032 * 3.5 * 1/100

= 1032 * 3.5/100

= 3612/100

= 36.12

If the bank pays 3.5% interest she earns $36.12 in one year.

Final answer:

Hence Angie will earn the amount of $36.12 in one year

Hope this helps!!! :)

User HangarRash
by
2.9k points