Question

A woman put $580 into a savings account for one year. The rate of interest on the account was 6½%. How much was the interest for the year in dollars and cents? (Round to the nearest cent)

Answer 1

Explanation:

principal amount by women for savings = $ 580

duration = 1 year and rate of interest on it = 6 .1/2 % = 13/200

now amount of interest she'll be earning = $580 x 1 x 13 /200 = $37.7

thats 37 dollar 70 cents