Question

A woman put $580 into a savings account for one year. The
rate of interest on the account was 6½%. How much was the
interest for the year in dollars and cents?

Answer 1

principal amount by women for savings = $ 580
duration = 1 year and rate of interest on it = 6 .1/2 % = 13/200
now amount of interest she'll be earning = $580 x 1 x 13 /200 = $37.7


that is 37 dollar 70 cents

100 cents = 1 dollar
hope my ans is correct

Answer 2

Dear Student,

◆ Answer -

Hence, interest over a year is $ 37.7 or 3770 cents.

● Explanation -

# Given -

Investment = $ 580

Interest rate = 6.5 %

# Solution -

Interest after a year is calculated by -

Simple interest = investment × time × interest rate / 100

Simple interest = 580 × 1 × 6.5/100

Simple interest = $ 37.7

Simple interest = $ 3770 cents

Hence, interest over a year is $ 37.7 or 3770 cents.

Thanks dear...