Question

On July 31st Eileen Anders deposited $550 in a saving account at Mat savings and loan association. at the end if December, her interest was computed at an annual rate of 4.3% . How much simple interest did her money earn?

Answer 1

The simple interest earned is $9.85

Here, we want to calculate the simple interest earned on the amount deposited

Mathematically, we can calculate simple interest using the equation;