Question

Andrea opened a savings account with $1,750 she received for graduation. The account pays 4.3% simple interest. What is the balance after 6 months?

Answer 1

$1787.625

Explanation:

We first determine the interest earned in 6 months time using the simple interest formula;

`I=(PRT)/(100)\\I=(1750*4.3*0.5)/(100)\\I=37.625`

The balance in the account will be;

1750 + 37.625 = $1787.625