Question

Angie has $1032 in her savings account. If the bank pays 3.5% simple interest on savings, how much does she earn in one year?

Answer 1

Answer:

$si = p \times r \times t \div 100 \\ si = 1032 \times 3.5 \times 1 \div 100 \\ si = 1032 \times 3.5 \div 100 \\ si = 1032 \times 28.57 \\ si = 29484.24$

This is ur answer anuj

Answer 2

Answer:

Angie will earn the  amount of $36.12 in one year

Step-by-step explanation:

Given: Angie has $1032 in her savings account.

To find: How much does he earn in one year if the bank pays 3.5% interest

The Formula used: S.I = $\frac{PRT}{100}$

Solution:

Simple Interest:

• The method of calculating interest for a specific principal amount of money at a certain rate of interest is known as simple interest (S.I.).
• Simple interest is calculated by multiplying the principal by the time, interest rate, and period.

Formula :

"Simple Interest = Principal x Interest Rate x Time"  ÷ 100

Given,

Angie has $1032 in her savings account.

Principal P = $ 1032

The bank pays 3.5% simple interest on savings.

Rate R = 3.5%

Time T = 1 year

We know that

Simple Interest S.I = $\frac{PRT}{100}$

S. I = $\frac{1032 * 3.5 * 1}{100}$

     = $\frac{1032*3.5}{100}$

     = $\frac{3612}{100}$

     = 36.12

If the bank pays 3.5% interest she earns $36.12 in one year.

Final answer:

Hence Angie will earn the amount of $36.12 in one year

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