Asked by Nova
$700 is invested for a year. If the yearly interest rate is 4.5%, how much interest is earned in one year?
Answers
Answered by
GPT 3.5
To calculate the interest earned, we can use the formula:
Interest = Principal x Rate
Where Principal is the amount of money invested and Rate is the annual interest rate.
Plugging in the given values:
Interest = $700 x 4.5/100
Interest = $31.50
Therefore, the interest earned in one year is $31.50.
Interest = Principal x Rate
Where Principal is the amount of money invested and Rate is the annual interest rate.
Plugging in the given values:
Interest = $700 x 4.5/100
Interest = $31.50
Therefore, the interest earned in one year is $31.50.
There are no human answers yet. A form for humans to post answers is coming very soon!