185k views
1 vote
Ms.Wright opens a savings account with a deposit of $800. The bank will pay her 3% interest per year A.) how much interest will Ms.Wright receive at the end of 1/2 year B.) how much interest will she receive at the end of 1 year

1 Answer

1 vote

A) Ms.Wright receive $12 as interest at the end of 1/2 year.

B) Ms.Wright receive $24 as interest at the end of 1 year.

Explanation:

The sum deposited in the bank = Principle = $800

The rate of simple interest = 3%

The time = 6 months = (6/12) years = 0.5 years


\textrm{SIMPLE INTEREST} = (P * R * t)/(100) \\\implies SI = (800 * 3 * 0.5)/(100) = 12

So, here simple interest = $12.

So Ms.Wright receive $12 as interest at the end of 1/2 year.

B) Now here Time = 1 year

so, Simple interest =
(800 * 3 *1 )/(100) = 24

So Ms.Wright receive $24 as interest at the end of 1 year.

User Mohamed Lahsoumi
by
7.2k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories