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12 January, 06:40

Leshawn has $580 in a savings account that pays 3% interest.

How much interest will be earned in 5 years?

How much interest will be earned in 6 months?

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  1. 12 January, 06:51
    0
    For 5 years $87

    For 6 months $8.7

    Step-by-step explanation:

    To calculate the interests, we use the simple interest formula

    Mathematically;

    I = PRT/100

    where P is the amount invested called the principal = $580

    R is the rate = 3%

    Time differs which may be 5 years or 6 months according to the question.

    kindly note that 6 months is 0.5 year

    For 5 years, we have

    I = (580 * 3 * 5) / 100 = $87

    For 6 months, we have;

    I = (580 * 3 * 0.5) / 100 = $8.7
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