thatgirlisfuuny thatgirlisfuuny
  • 24-02-2021
  • Mathematics
contestada

2.
What is the amount of interest that Mee earns on the following deposit is
5720, interest rate is 3.2% each year, for 18 months Show your work

Respuesta :

Naseeem88
Naseeem88 Naseeem88
  • 24-02-2021

Answer:

$274.56

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 3.2%/100 = 0.032 per year,

putting time into years for simplicity,

18 months ÷ 12 months/year = 1.5 years,

then, solving our equation

I = 5720 × 0.032 × 1.5 = 274.56

I = $ 274.56

The simple interest accumulated

on a principal of $ 5,720.00

at a rate of 3.2% per year

for 1.5 years (18 months) is $ 274.56.

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