Question

Maria Invests $600 in a bank account that earns simple interest. She earns $30 at the end of 12 months . How much money will Janae earn on her $350 investment after the 12 months.

Answer 1

Given data:

The given amount of money Maria have p=$600.

The interest earn by Maria is i=$30.

The given amount of money Janae have p'=$350.

The given time is t=12 months=1 year.

The expression for the interest is,

i=(pxrxt)/100

30=(600)(r)(1)/100

30 =6r

r=5

The expression for interest earn by Janae is,

i'=(p'xrxt)/100

Substitute the given values in the above expression.

i'=(350)(5)(1)/100

=$17.5

Thus, Janae earn $17.5 money from her investment.