Question

Taylor has $430 in her savings account. The annual simple interest at the bank is 2%. How much intreast will she earn on her savings in 9 months?

Answer 1

we have the following equation

`m(t)=430+430\cdot0.02\cdot t`

where t is the time in years, as we have 9 months, we have to change to years

`t=(9)/(12)=(3)/(4)=0.75`

so after 9 months we get

`430+430\cdot0.02\cdot0.75=430+6.45`

So she will earn $6.45 in 9 month