Question

Marie has $60,000 in a savings account that earns 7% interest per year. How much will she have in 4 months?

Answer 1

21,400

Solving steps:

Since, Marie has $60,000 in a savings account that earns 7% interest per year.

Find: How much will she have in 4 months.

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Step 1: Find the money for the 7% rate

=>
`60000 * (7)/(100)`

=>
`(60000)/(1) * (7)/(100)`

cancel the two zeros of 60,000 and 100

=> 600 × 7

=> 4,200

Add 4,200 to 60,000

=> 64,200

per year = 64,200

Now, divide 64,200 by 12

since 12 months to make one year

=> 64,200 ÷ 12

=> 5,350

now multiply it by 4 months she gets 5350 per month

=> 21,400