Dayna deposited $2700 into a savings account that pays a simple annual interest rate of 1.6%. how much interest will she earn after 6 months?

Question

Ryland Moore

Business

24 July, 17:53

Dayna deposited $2700 into a savings account that pays a simple annual interest rate of 1.6%. how much interest will she earn after 6 months?

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Mara Powers · Answer 1

For this you're going to use the I=PRT formula! so i=interest, p=principal, r=rate, and t=time (in years). so basically here we are going to plug in the equation, I = (2700) * (0.016) * (0.5) and we get 21.60! I=PRT is a simple interest formula, which is used for the simple plug and chug equations like this. Just remember to convert months to years and move over your decimals!