Answer:
The interest earned on a savings account with a balance of $3500 and an interest rate of 1.5% per year compounded yearly would be $52.50 after 12 months.
Explanation:
To calculate the interest earned on a savings account, you need to know the interest rate, the length of time the money is deposited, and the starting balance. Based on the information provided, it appears that the interest rate is 1.5% per year, the money is deposited for 12 months, and the starting balance is $3500.
To calculate the interest earned, you would first need to convert the interest rate to a decimal by dividing it by 100. In this case, the interest rate would be 0.015. You would then multiply the interest rate by the starting balance to get the amount of interest earned in a year. In this case, the interest earned would be $3500 * 0.015 = $52.50.
Since the interest is compounded yearly, the total balance after one year would be the starting balance plus the interest earned. In this case, the total balance would be $3500 + $52.50 = $3552.50. Therefore, the interest earned on a savings account with a balance of $3500 and an interest rate of 1.5% per year compounded yearly would be $52.50 after 12 months.