Eloquence Eloquence

07-05-2024
Mathematics

Answered

what is the interest earned after 1 year in a savings account with an initial investment of $650 and a 3% simple interest rate? no ai answers please!!

Answer :

MathPhys MathPhys

07-05-2024

Answer:

$19.50

Step-by-step explanation:

Simple interest is compounded once, so the amount of interest accrued is equal to the initial amount times the annual interest rate times the time in years.

I = Prt

I = ($650) (0.03) (1)

I = $19.5

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