Question

2. (01.02 MC)
Hazel deposited $1,000 in her savings account. She earned 6.5% annual simple interest on the first $700 of her deposit and 3.5% simple interest on the remainder. How much interest did Hazel earn
after one year? (1 point)
O $45.00
ОО
$51.00
O $56.00
O $65.00

Answer 1

Answer:

$\text{ \ 56.00}$

Explanation:

Here, we want to get the interest earned by Hazel after one year

From the given question, $1000 was deposited in the savings account

On the first $700, she earned 6.5%

The interest on this would be:

$\frac{6.5}{100}\times\text{ 700 = \ 45.50}$

For the remaining $300, what was earned was 3.5% simple interest

We have that value as:

$\frac{3.5}{100}\times\text{ 300 = \ 10.50}$

The total interest here is the sum of the two

Mathematically, we have that as:

$\text{ \ 45.50 + \ 10.50 = \ 56.00}$