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4 votes
Leon has $77,343 in a savings account that earns 9% annually.The interestis not compounded.To the nearest cent,how much interest will he earnin 4 months?

User Ccr
by
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1 Answer

4 votes

Answer:

$ 2320.3

Explanation:

Leon has $77,343 in a savings account that earns 9% annually.The interestis not compounded.To the nearest cent,how much interest will he earnin 4 months?

Since the interest is not Compounded

We solve using Simple Interest formula

= P × R × T

P = $77,343

R = 9 %

T = 4 months

Converting to years

= 4/12 = 0.3333333333

Interest = $77,343 × 9% × 0.3333333333

=$2320.29

Approximately to the nearest cents = $2320.3

User EyalBellisha
by
6.1k points
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