Ms. Paul deposited $500 into a savings account at a local bank that earned 5.5% interest per year. How much interest does she earn per year for 5 years?

Respuesta :

Convert the interest into decimal by dividing it by 100%

[tex]5.5\%\div100\%=0.055[/tex]

Next, multiply it by the amount of deposit

[tex]\$500\times0.055=\$27.5[/tex]

Therefore, Ms. Paul will earn $27.5 interest per year for 5 years.