Alex $8000 in a savings account that earns 3.25 % annually. How much will he earn in interest in 6 months?
1 answer:
<h3>
Answer: $130</h3>
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Explanation:
I'm assuming the bank is using simple interest (instead of compound interest).
If so, then,
i = P*r*t
i = 8000*0.0325*0.5
i = 130
The amount of interest is $130
In the formula above, I used
- P = 8000 = amount deposited
- r = 0.0325 = annual interest rate in decimal form
- t = 6/12 = 0.5 years, which means you don't use t = 6. We don't use t = 6 because the interest rate is on an annual basis, and not a 6-month basis.
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