Question

Every month, Carmine's savings account pays 0.049% interest on the amount in the account. If

she has $1,100.00 in the account at the beginning of the month and doesn't withdraw any of it,
what will be the interest payment for this month?

$53.90

$49.00

$0.54

S0.49

Answer 1

interest rate (r)=0.049%

principal (p) =1100

Time (t)= 1/12

interest = (1100*1/12*0.049)/100 = 0.045

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