Jonah has $50,000 in a savings account that earns 10.6% annually. The interest is not compounded. How much will he have in 6 months?
50000 * .106/2
50000 x (10.6/2=5.3%)=50000 x 5.3/100. =2650. Then ad to 50000+2650=$5,2650
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To find out how much Jonah will have in 6 months, we need to calculate the simple interest earned on his savings account.
The formula for simple interest is:
Interest = Principal * Rate * Time
Where:
- Principal is the initial amount of money (in this case, $50,000)
- Rate is the interest rate per time period (10.6% per year)
- Time is the duration of time in years or fractions of a year (in this case, 6 months or 0.5 years)
Let's calculate the interest first:
Interest = $50,000 * 10.6% * 0.5
To calculate the percentage, we convert it to a decimal by dividing it by 100:
10.6% = 10.6 / 100 = 0.106
Now let's calculate the interest:
Interest = $50,000 * 0.106 * 0.5
Interest = $2650
Finally, we can find out how much Jonah will have in 6 months by adding the interest to the initial amount:
Total Amount = Principal + Interest
Total Amount = $50,000 + $2650
Total Amount = $52,650
Therefore, Jonah will have $52,650 in his savings account after 6 months.