ashantajohnson4472 ashantajohnson4472

28-12-2022
Mathematics

Answered

Giovanni opened a savings account with $6,450. The bank pays 3. 7% interest per year on savings. How much interest will he earn in one year if he does not withdraw or deposit any additional money into the account? A $228. 00 B $238. 65 $258. 75 D $2386. 50 =

Answer :

joy123333 joy123333

28-12-2022

Answer: B. $238.65

To find the interest earned in one year, multiply the principal with the interest rate.

Step-by-step explanation:

Interest is money that the bank pays Giovanni for keeping money in his savings account.

Interest Formula

We will use this formula for calculating the interest earned:

[tex]A = Prt[/tex]

'A' is the amount of interest earned.

'P' is principal, which is the starting amount of money in the savings account.

'r' is the annual interest rate in decimal form.

't' is the time in years.

Find 'r' in decimal form

We have the interest rate per year in percentage form. To convert a number from a percentage to a decimal, divide the percentage by 100.

r = 3.7% ÷ 100

r = 0.037

Variables to substitute

We have the numbers for 'P', 'r', and 't':

P = 6,450

r = 0.037

t = 1

We are looking for 'A', which is the interest earned.

Calculate

A = Prt Start with the interest formula.

A = 6,450 × 0.037 × 1 Substitute known variables.

A = 6,450 × 0.037 Since time is only 1 year, simplify.

A = 238.65 Interest earned in one year

Write the final answer with units, '

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:

Therefore, he will earn $238.65 in interest in one year.

To learn more about simple interest, check out: https://brainly.com/question/25793394

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