Question

A bank offers a savings account with a yearly simple interest rate of 2 percent. suppose you deposit 550 into savings account. how much simple interest will you earn in 4 years? in 4 years and 6 months.

I WILL GIVE YOU 30 IF YOU JUST HELP ME PLEASE?

Answer 1

In 4 years you will get 44 and in 4 years and 6 months you will get 49.5

Explanation:

550*0.02= 11 (yearly interest)

11*4 years= 44

11/12months=0.917

0.917*6 months= 5.5

44+5.5=49.5 (4 years and 6 months interest)