izzy deposit any money the team has left at the end of the season into a saving account, where it will remain until next season, This year, Izzy deposited $440 into a savings account the earn 312% simple interest, if the next season starts in 6 months, how much money will be in the account then? Explain.
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Given:
(i) Izzy deposited $440 into the savings account.
(ii) The rate of simple interest is 312 % p.a.
(iii) Time period is 6 months.
To find:
(i) The total money present in the account after the season.
Solution:
Principal money(P), the value deposited = $440.
Rate (R) = 312 % p.a.
Time = 6 months = 1/2 year.
So, Simple Interest (SI) = PRT/100
= (440*312*1)/(2*100)
= $686.4
So, total amount after 6 months is = $(440+686.4) = $1126.4
$1126.40 amount of money will be in the account then
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