Question

Molly placed $220.00 in a savings account. This savings account earns 4.2% interest per year. She did not add or take out any money from this account. How much money did she earn in interest at the end of six years? PLSSSSSSSSSSSS HURRY ASAP IN CLASS NOW

Answer 1

Molly earned $55.44 in interest at the end of six years.

Explanation:

To calculate the interest earned by Molly's savings account, we can use the formula:

Interest = Principal x Rate x Time

where:

Principal is the initial amount of money deposited ($220.00)

Rate is the annual interest rate (4.2% or 0.042 as a decimal)

Time is the number of years the money is invested (6 years)

Plugging in the values, we get:

Interest = $220.00 x 0.042 x 6

Interest = $55.44

Therefore, Molly earned $55.44 in interest at the end of six years.