Question

Miss Lewis has $523.50 in her savings account. Her bank pays 5 3/4% if interest. If the interest is computed once per year, how much interest will she make in one year?

Answer 1

Interest She'll make in a year is $30.10125

Explanation:

Interest = PRT ÷ 100

Principal = $523.50

Rate = 5³/₄% = 5.75%

Time= 1year

Interest I = (523.50 × 5.75 × 1) ÷ 100 = $30.10125

Interest She'll make in a year is $30.10125