suppose you deposit $350 in a bank account that pays 6% annual simple interest. Find the interest earned in 4 months and in 1 year.
350 x 0.06 = interest in 1 yr.
4/12 of that is the interest in 4 months.
To find the interest earned in 1 year, you need to multiply the principal amount by the interest rate. In this case, the principal amount is $350 and the interest rate is 6%, which can be written as 0.06 in decimal form. Therefore, the interest earned in 1 year is calculated as follows:
Interest in 1 year = $350 * 0.06 = $21
To find the interest earned in 4 months, you need to calculate a fraction of the interest earned in 1 year. Since there are 12 months in a year, 4 months is equivalent to 4/12 or 1/3 of a year.
So, to find the interest earned in 4 months, multiply the interest earned in 1 year by the fraction 1/3:
Interest in 4 months = $21 * (1/3) = $7
Therefore, the interest earned in 4 months is $7.