Isabel put $4,000 into a saving account that pays interest monthly at a simple-interest rate of 2.5% per year. If she takes the interest int

Question

Isabel put $4,000 into a saving account that pays interest monthly at a simple-interest rate of 2.5% per year. If she takes the interest interest out of the account each month, how much money should she expect to earn after 6 months?

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Nguyệt Ánh 3 years 2021-07-22T22:12:42+00:00 1 Answers 17 views 0

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  1. minhkhue
    0
    2021-07-22T22:13:48+00:00
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    9514 1404 393

    Answer:

      $49.98

    Step-by-step explanation:

    The interest credited to Isabel’s account each month is …

      I = Prt

      I = $4000·(0.025)(1/12) = $8.33

    If she withdraws that amount each month, the original balance is restored, and she will earn the same amount the next month.

    Isabel’s total earnings in 6 months will be …

      $8.33 · 6 = $49.98

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