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? (Round to the nearest hundredths)

Answer 1

Answer:

The interest for the year is: 37 dollars and 70 cents.

Step-by-step explanation:

It's given that,

The initial principal (P) = $580

The rate (r) = 6.1/2%

The year (n) = 1

We know the Formulae,

I (interest) = P×r×n

or, I = 580 × 6.1/2% × 1

So, the interest is = $37.7

Now, the total number is the dollar ($).... so it's 37 dollars (ANS)

And, the decimal number (0.7) is also dollar. To make it cent, we have to multiply it with 100. (Cuz' we know that, $1 = 100 cents)

So, (0.7 × 100) = 70 cents (ANS)

and, the final ANS = 37 dollars and 70 cents. (ANS)

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