Question

Jill deposited $650 in a savings account with two percent simple interest. If she keeps it in the account for one year, how much interest will she earn?

Answer 1

I think it's $13 dollars

am i correct?

Answer 2

Yes, you're correct.

Answer 3

Thank you!!

Answer 4

You're welcome.

Answer 5

[AI-generated answer — Explain Bot]

To calculate the interest Jill will earn, we need to use the formula for simple interest:

Interest = Principal * Rate * Time

Where:
- Principal is the initial amount deposited ($650 in this case)
- Rate is the interest rate (2% in this case)
- Time is the duration the money is kept in the account (1 year)

Let's plug in the values into the formula:

Interest = $650 * 0.02 * 1

Multiply the principal ($650) by the rate (0.02) and then multiply the result by the time (1 year):

Interest = $650 * 0.02 * 1 = $<<650*0.02*1=13>>

Therefore, Jill will earn $13 in interest by keeping her $650 in the savings account for one year.