Question

Taylor has $430 in her savings account. the annual simple interest at the bank is 2%. how much interest will she look earn on her savings in nine months?

Answer 1

Answer:

$8.60

Step-by-step explanation:

Answer 2

The interest amount can be calculated using simple interest formula. The simple interest is multiplication of principal amount, rate of interest and time.

The interest amount will be $6.45.    

Given:

The principal amount $P=\ 430$.

Annual interest rate $r=2\%=\dfrac {2}{100}=0.02$

Time is 9 month $=\dfrac {9}{12}$.

Write the formula to calculate the simple interest.

$S.I=P\times r \times t$

Substitute the value in above equation.

$S.I=\ 430\times 0.02\times \dfrac{9}{12}\\S.I=\ 6.45$

Thus, the interest amount will be $6.45.    

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