Find the interest earned on each account.
$970 at 4 1/2% simple interest for 2 years.
I don't know if I solved the problem correct please help:
I = p x r x t
= 970 x 0.42 x 2
= 814.8
I don't know what number to convert 1/4 to!
I = PRT
I = 970 * 0.045 * 2
I = ?
The answer is $82.45 right?
You're close, but that's not the answer I got.
hmmmm ok thanks!
Oh my gosh its getting sooooo annoying sorry Ms. Sue! I keep forgetting my sister's name is still on here (we share a computer)
To find the interest earned on an account, you can use the formula for simple interest:
I = P x R x T
Where:
I = Interest earned
P = Principal amount (the initial amount of money)
R = Interest rate (expressed as a decimal)
T = Time (in years)
In the given problem, you have $970 at an interest rate of 4 1/2% (which can be written as 4.5% or 0.045) for 2 years.
To find the interest earned, plug the values into the formula:
I = 970 x 0.045 x 2
I = 87.3
Therefore, the interest earned on the account is $87.30.