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Anita has $300 in her savings account that earns 5% annually. The interest is not compounded. How much interest will she earn in 1 year?

Respuesta :

DeannaJ
300 x 0.05 = 15

So she will earn $15 of interest in 1 year
lublana

Answer:

$15

Step-by-step explanation:

We are given that

Anita has money in her saving account=$300

She earns annually=5%

We have to find the value of interest she will earn in 1 year when the interest is not compounded.

P=300, r=5%,t=1

To find the value of interest we will use the formula of simple interest.

Simple interest,I=[tex]\frac{P\times r\times t}{100}[/tex]

Substitute the values in the formula then, we get

Interest=[tex]\frac{300\times 5\times 1}{100}=15[/tex]

Hence, she will earns interest in 1 year=$15

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