You receive an inheritance of 12,500, and you place the full amount into a bank account. The bank pays a simple interest rate of 7.5% per year. How much interest have you earned after one year? Give your answer in dollars and cents to the nearest cent

Solución

You receive an inheritance of 12, 500, and you place the full amount into a bank account. The bank pays a simple interest rate of 7.5% per year. How much interest have you earned after one year? Give your answer in dollars and cents to the nearest cent

Solución

Interest : 937.5

Pasos de solución

Translate the problem into an equation:

I = 12500 \cdot 0.075 \cdot 1

Simplificar

I = 12500 \cdot 0.075 \cdot 1

Interest : 937.5

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