A bank offers a savings account with a yearly simple interest rate of 2%. Suppose you deposit $550 into a savings account. How much simple i

Question

A bank offers a savings account with a yearly simple interest rate of 2%. Suppose you deposit $550 into a savings account. How much simple interest will you earn in 4 years and six months?

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Thu Giang 4 years 2021-08-20T03:32:25+00:00 2 Answers 41 views 0

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  1. Cherry
    0
    2021-08-20T03:33:37+00:00
    Reply

    550 x 0.02 = 11

    11 x 4.5 = 49.5

    ANSWER: $49.5 of simple interest

  2. RobertKer
    0
    2021-08-20T03:34:06+00:00
    Reply

    Answer:

    49.5(interest)

    599.5 (total amount)

    Step-by-step explanation:

    A=P(1+rt)

    A=550(1+.02*4.5)

    A=550(1+.09)

    A=550(1.09)

    A=599.5 (total amount)

    599.5-550=49.5(interest)

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