Question

jose placed $505 in a savings account at a simple interest rate of 4.5%. how much interest will the account earn in 4 years?

Answer 1

I = $ 90.90

Equation:

I = Prt

Calculation:

First, converting R percent to r a decimal

r = R/100 = 4.5%/100 = 0.045 per year,

then, solving our equation

I = 505 × 0.045 × 4 = 90.9

I = $ 90.90

The simple interest accumulated

on a principal of $ 505.00

at a rate of 4.5% per year

for 4 years is $ 90.90.

Answer 2

9090

Explanation: