Question

a woman put $580 into savings account for one year. the rate of interest on the account was 6 1/2%. How much was the interest for the year in dollars and cents. (round to the nearest cent.)

Answer 1

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P = $ 580
T = 1 year
R = 13/2%

SI = PRT/100
$= \frac{580 \times 13 \times 1}{100 \times 2} \\ = \frac{754}{20} \\ = 37.7$
So The interest for the year is $ 37.7

Now 1 $ = 100 cents

So $ 37.7 = 37.7 x 100

= 3770 cents

So The interest for the year is 3770 cents

Hope it helps you

Answer 2

Here,

Principle = $580

Time = 1 year

Rate = 6 1/2% = 13/2%

We know that

• SI = [principle x rate/100 x time ]

    = $ 580 x  13/200 x 1

    = $ 290 x 13/100

    = $ 290 x 0.13 =  $ 37.7

We know that

• 1 $ = 100 cents

So

$ 37.7 = 3770 cents .

Hopes............ it helps u .

Thank u.