Respuesta :

danilosanmartin
Clarification to the question is that Mr. 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
BladeRunner212

$25,000

Further explanation  

Given:  

  • Mr. gardener has $300,000 in his savings account.
  • He receives 8¹/₃ % interest annually.

Question:

What interest (in dollars) does he receive annually?

The Process:  

This problem includes the type of determining simple interest.

Simple interest = [tex]\boxed{ \ P \times r \times t \ }[/tex]  

  • P = principal (initial amount)  
  • r = annual interest rate
  • t = time (in years)

The data is as follows:

  • P = 300,000  
  • r = 8¹/₃ % or ²⁵/₃₀₀ or 0.0833  
  • t = 1 year

Let us calculate how much interest (in dollars) does he receive annually.

[tex]\boxed{ \ = 300,000 \times 8\frac{1}{3} \% \times 1 \ }[/tex]  

[tex]\boxed{ \ = 300,000 \times \frac{25}{300} \ }[/tex]  

[tex]\boxed{ \ = 1,000 \times 25 \ }[/tex]  

[tex]\boxed{ \ = 25,000 \ }[/tex]  

Thus the amount of interest does he receive annually equals $25,000.

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Notes

We must be able to distinguish between simple and compound interest. Please learn about this in the link attached below.

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