Max deposited $1,000 in a savings account in a bank.

jernplate8

jernplate8

Answered question

2021-08-07

Max deposited $1,000 in a savings account in a bank. Ever since then, no other seposits or withdrawals were made. 6 months later the interest was compounded at an annual rate of 6,5%. How much simple interest did Max' money earn?

Answer & Explanation

Gennenzip

Gennenzip

Skilled2021-08-08Added 96 answers

I=P×r×t
Where:
I is the simple interest.
P is the principal.
r is the interest rate in decimals.
t is time in years.
I=$1000×0.065×0.5
=$32.50

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