Question

Henry deposited $1,000 in a new savings account. He made no other deposits or withdrawals. After 6 months the interest was computed at an annual interest rate of 6.5%?

Answer 1

The interest that is computed in the account is $31.98

Explanation:

$1000 × 1.03198

A = $1031.98

x = A - p / x = $1031.98 - $1000

x = $31.98

The interest that is computed in the account = x = $31.98