Ms.Wright opens a savings account with a deposit of $800. The bank will pay her 3% interest per year A.) how much interest will Ms.Wright re

Question

Ms.Wright opens a savings account with a deposit of $800. The bank will pay her 3% interest per year A.) how much interest will Ms.Wright receive at the end of 1/2 year B.) how much interest will she receive at the end of 1 year

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Alaia 2 weeks 2021-10-01T22:04:17+00:00 1 Answer 0

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    2021-10-01T22:05:24+00:00

    A) Ms.Wright receive $12 as interest at the end of 1/2 year.

    B)  Ms.Wright receive $24 as interest at the end of 1 year.

    Step-by-step explanation:

    The sum deposited in the bank = Principle  = $800

    The rate of simple interest  = 3%

    The time = 6 months  = (6/12) years   =  0.5 years

    \textrm{SIMPLE INTEREST} =  \frac{P \times R \times t}{100} \\\implies SI  = \frac{800 \times 3 \times 0.5}{100}  = 12

    So, here simple interest = $12.

    So Ms.Wright receive $12 as interest at the end of 1/2 year.

    B) Now here Time  = 1 year

    so, Simple interest   = \frac{800 \times 3 \times1 }{100}  = 24

    So Ms.Wright receive $24 as interest at the end of 1 year.

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