sue has $400 in her saving account.if the bank pays her 6 1/2% interest,how much interest will sue earn? $26 is my answer right
Right again! You're on a roll! :-)
What am I doing incorrectly?
i get $2.60.
I know it's the decimal, but can you explain
Thanks
6 1/2% = 0.065
I multiplied: $400 * 0.065 = $26.00
I multipled
$400 * 6.50
I don't understand.
6 1/2 % is 6.5 parts of 100 or 6.5/100
You need to change the percent to a decimal by dividing: 6.5/100 = 0.065. Another way to do this is to move the decimal point two places to the left.
Ms. Sue is right.
6½% = 6.5% = .065
just as
8¼% = 8.25% = .0825
You have to move that decimal before multiplying.
To calculate the interest earned, you need to multiply the amount of money in the savings account by the interest rate. Here's how to calculate it:
First, convert the interest rate from a mixed number (6 1/2%) to a decimal.
6 1/2% = 6.5% = 0.065 (divide 6.5 by 100)
Next, multiply the savings amount by the interest rate to get the interest earned:
Interest earned = $400 * 0.065 = $26
So, $26 is the correct answer. Well done!