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!!! :)