Concept explainers
Find the amount she earns in interest at the end of one year.
Answer to Problem 67STP
At the end of one year she earns $30 in interest.
Explanation of Solution
Given:
Selena deposited $2000 into a savings account that pays 1.5% interest compounded annually. If she does not deposit any more money into her account, how much she earn in interest at the end of one year?
Concept Used:
The interest she will earn is 2000 multiplied by the percentage of interest that she will earn after one year. Multiply 2000 by 0.015 (1.5 percent).
Calculation:
Interest after 1 year:
I = interest; P = Principal deposited; r% = rate % and t = time in years.
P = $2000; r% = 1.5 % = 0.015; t = 1
At the end of one year she earns $30 in interest.
Thus, at the end of one year she earns $30 in interest.
Chapter 3 Solutions
Algebra 1
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