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Jaycee Alvarez deposits $425 in a savings account at City Bank. The account pays an annual interest rate of 5.5 percent. She makes no other deposits or withdrawals. After three months the interest is calculated.
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Jaycee Alvarez deposits $425 in a savings account at City Bank. The account pays an annual interest rate of 5.5 percent. She makes no other deposits or withdrawals. After three months the interest is calculated. How much simple interest does her money earn?

User Adel Nizamuddin
by
7.4k points

1 Answer

2 votes

Answer:

$70.125

Explanation:

First multiply $425*5.5/100*3 and you get:

$70.125

User Uhoh
by
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