An investor invests $3,026 into a savings account. The interest on the account is 3-
1/2%, and the investor invests the money for one and one-half years. What will her
simple interest be? –
0.035 * 3026 * 1.5
To calculate simple interest, you need to multiply the principal amount (the initial investment) by the interest rate and the time period (in years).
Let's break down the information given:
Principal amount (P) = $3,026
Interest rate (R) = 3-1/2% = 3.5% = 0.035 (in decimal form)
Time period (T) = 1.5 years
Now, apply the simple interest formula:
Simple Interest (I) = P * R * T
Substituting the values:
I = $3,026 * 0.035 * 1.5
Now, let's calculate the simple interest:
I = $3,026 * 0.035 * 1.5
I = $317.105
Rounding to two decimal places, the simple interest on the savings account will be approximately $317.11.