Please help, I am having trouble with this question ;w;
Calculate the interest earned on a savings account with $660.00 that is invested at 3.5% annual simple interest for 5 years.
Interest = Principle times Rate times Time.
Sure, I'd be happy to help you with that!
To calculate the interest earned on a savings account, you can use the formula for simple interest:
Interest = Principal * Rate * Time
In this case, the principal (P) is $660.00, the rate (R) is 3.5% (or 0.035 as a decimal), and the time (T) is 5 years.
Plugging these values into the formula, we have:
Interest = $660.00 * 0.035 * 5
To simplify the calculation, we can first multiply the principal by the rate:
$660.00 * 0.035 = $23.10
Then, we can multiply the result by the time:
$23.10 * 5 = $115.50
Therefore, the interest earned on the savings account is $115.50.
So, by investing $660.00 at an annual simple interest rate of 3.5% for 5 years, you would earn $115.50 in interest.