Tasha has a savings account which earn 8% interest. If she has $1400 in her account, how much interest will she earn in one year?
I got $112.00 but it doesn't look right.
1400 * 0.08 = 112
You're right.
It doesn't look right because for the last several years, savings accounts have earned less than 1% per year.
To calculate the interest earned on Tasha's savings account, you need to multiply the principal amount (initial amount in the account) by the interest rate. In this case, the principal amount is $1400 and the interest rate is 8%.
To find the interest earned in one year, you can use the formula: Interest = Principal Amount * Interest Rate.
So, the calculation will be:
Interest = $1400 * 8% = $1400 * 0.08 = $112.
Therefore, your initial calculation of $112 is correct. Tasha will earn $112 in interest over one year.