Question

So far, you’ve saved $830 from your wages at the hospital gift shop. You deposit this money in a new savings account that pays 3.5 percent annual interest.

How much interest can you expect to earn if you leave this balance in the account for one year?
Question 12 options:

$24


$290


$29


$237

Answer 1

Interest = principal × rate = $830 × 0.035 = $29.05, so about $29.