Question

Gianna put $1000 in a savings account for 18 months, The interest on the account is 3.5%. How much will Gianna earn in interest? What amount will she have at the end of that time period?

Answer 1

amount of interest = 52.5

amount at the end of the period = 1052.5

Explanation:

use the formula for simple interest

PRT/100

P is the principle

R is the rate of interest charged

T is the Time taken

18 months = 1 years 6 months ( 1.5 years)

1000 * 3.5 * 1.5 = 5250

5250/100 = 52.5

the amount of interest = 52.5

the amount she will have at the end of the period

= 1000 +52.5

= 1052.5