Question

Mr. Gardener has 300,000 in his savings account and receives 8 1/3% interest annually. What interest (in dollars) does he receive anually?

Answer 1

Answer:

Gardener receives 8 and 1/3% (or 8.33%) interest annually.The calculation is as follows

(money)(%interest) = interest

(300000)(8.33%) = interest

(300000)(0.0833) = interest

interest = 24990 or roughly 25000 anually