You put $550 in an account that earns 4.4% simple interest per year how much interest do you earn in six months

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Mathematics

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12 May, 17:55

You put $550 in an account that earns 4.4% simple interest per year how much interest do you earn in six months

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Answers (1)

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Finley Cobb · Answer 1

I=PRT

P=princiapl=amount put in

r=rate in decimal

t=time in years

so

P=550

r=4.4%=0.044

t=6/12=1/2 yr

so

I = (550) (0.044) (1/2)

I = (275) (0.044)

I=12.10

you earn $12.10 interest in 6 months