Jessica deposits $300 into a savings account that pays a simple interest rate of 6%. How much money will Jessica have in her account at the end of six months

Question

Mathematics

Priscilla

4 November, 16:12

Jessica deposits $300 into a savings account that pays a simple interest rate of 6%. How much money will Jessica have in her account at the end of six months

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Felicity Moore · Answer 1

Simple Interest = P*R*T/100 P=principal = 300 R=rate of interest=60% T=Time=6 months = 1/2year 300*60*1/2*100=9 In the account she will be having P+9$=300+9=309$

Shiloh · Answer 2

P = C (1 + r) ^t where P is the money she gets after six months, C is the initial deposit, r is the simple interest rate (in decimal 0.06) and t is the number of years invested (since it's only months, we put down 12 x 0.5). Putting those numbers in the equation, we get $425.56.