Question

clear deposit $1100 into a savings account the account pays 1.5% simple interest each year she does not add or withdraw any money from the account which of these could be the interest earned after the given amount of time select all that apply

Answer 1

da answer:

To calculate the interest earned on a savings account, we can use the formula:

Interest = Principal * Rate * Time

Given that the principal amount is $1100 and the interest rate is 1.5%, we can substitute these values into the formula.

Interest = $1100 * 1.5% * Time

Now, let's determine which options could be the interest earned after a given amount of time.

1. $16.50: To calculate the interest earned after one year, we can use the formula above:

Interest = $1100 * 1.5% * 1 year = $16.50

So, $16.50 could be the interest earned after one year.

2. $24.75: If we double the time to two years, we can calculate the interest earned using the same formula:

Interest = $1100 * 1.5% * 2 years = $33.00

Since $33.00 is not one of the given options, we can conclude that $24.75 is not a possible interest earned after a given amount of time.

Therefore, the answer is:

- $16.50 could be the interest earned after the given amount of time.

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