Math / Numbers & Operations

QuestionWhat is the interest earned after 1 year in a savings account with an initial investment of $\$ 826$ and a 3.5\% simple interest rate?
Interest = \\square$ ?

Studdy Solution

STEP 1

What is this asking? How much money do we earn in interest after one year if we put $\$826$ in a savings account with a 3.5% simple interest rate? Watch out! Don't forget to convert the percentage to a decimal before calculating!

STEP 2

1. Convert the percentage to a decimal.
2. Calculate the interest earned.

STEP 3

To work with percentages in calculations, we first need to convert them to decimals.
Remember, percent means "per hundred," so 3.5% means 3.5 per hundred, or 3.5 out of 100.

STEP 4

To convert 3.5% to a decimal, we divide by 100.
This is the same as moving the decimal point two places to the left.
So, 3.5% becomes 0.035.

STEP 5

Now, let's calculate the interest earned!
The formula for simple interest is Interest = Principal Rate * Time*.
Here, our principal (the initial investment) is $\$826$ , the rate (the interest rate as a decimal) is 0.035, and the time is 1 year.

STEP 6

Let's plug those values into our formula: $\text{Interest} = \$826 \cdot 0.035 \cdot 1$

STEP 7

Multiplying these together gives us: $\text{Interest} = \$28.91$

STEP 8

After one year, the interest earned is $\$28.91$ .

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QuestionWhat is the interest earned after 1 year in a savings account with an initial investment of $\$ 826$ and a 3.5\% simple interest rate?
Interest = \\square$ ?

Studdy Solution

STEP 1

What is this asking? How much money do we earn in interest after one year if we put $\$826$ in a savings account with a 3.5% simple interest rate? Watch out! Don't forget to convert the percentage to a decimal before calculating!

STEP 2

1. Convert the percentage to a decimal.
2. Calculate the interest earned.

STEP 3

To work with percentages in calculations, we first need to convert them to decimals.
Remember, percent means "per hundred," so 3.5% means 3.5 per hundred, or 3.5 out of 100.

STEP 4

To convert 3.5% to a decimal, we divide by 100.
This is the same as moving the decimal point two places to the left.
So, 3.5% becomes 0.035.

STEP 5

Now, let's calculate the interest earned!
The formula for simple interest is Interest = Principal Rate * Time*.
Here, our principal (the initial investment) is $\$826$ , the rate (the interest rate as a decimal) is 0.035, and the time is 1 year.

STEP 6

Let's plug those values into our formula: $\text{Interest} = \$826 \cdot 0.035 \cdot 1$

STEP 7

Multiplying these together gives us: $\text{Interest} = \$28.91$

STEP 8

After one year, the interest earned is $\$28.91$ .

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QuestionWhat is the interest earned after 1 year in a savings account with an initial investment of $826\$ 826$826 and a 3.5\% simple interest rate?Interest = \ \square$ ?

Studdy Solution

STEP 1

What is this asking? How much money do we earn in interest after one year if we put $826\$826$826 in a savings account with a **3.5% simple interest rate**? Watch out! Don't forget to convert the percentage to a decimal before calculating!

STEP 2

1. Convert the percentage to a decimal.2. Calculate the interest earned.

STEP 3

To work with percentages in calculations, we first need to convert them to decimals.Remember, percent means "per hundred," so **3.5%** means **3.5 per hundred**, or **3.5 out of 100**.

STEP 4

To convert **3.5%** to a decimal, we **divide** by **100**.This is the same as moving the decimal point two places to the left.So, **3.5%** becomes **0.035**.

STEP 5

Now, let's calculate the interest earned!The formula for simple interest is *Interest = Principal * Rate * Time*.Here, our **principal** (the initial investment) is $826\$826$826, the **rate** (the interest rate as a decimal) is **0.035**, and the **time** is **1 year**.

STEP 6

Let's plug those values into our formula: Interest=$826⋅0.035⋅1 \text{Interest} = \$826 \cdot 0.035 \cdot 1 Interest=$826⋅0.035⋅1

STEP 7

Multiplying these together gives us: Interest=$28.91 \text{Interest} = \$28.91 Interest=$28.91

STEP 8

After one year, the interest earned is $28.91\$28.91$28.91.

Get Studdy

Studdy solves anything!

Start learning now

Download Studdy AI Tutor now. Learn with ease and get all help you need to be successful at school.

QuestionWhat is the interest earned after 1 year in a savings account with an initial investment of $\$ 826$ and a 3.5\% simple interest rate?
Interest = \\square$ ?

What is this asking? How much money do we earn in interest after one year if we put $\$826$ in a savings account with a 3.5% simple interest rate? Watch out! Don't forget to convert the percentage to a decimal before calculating!

1. Convert the percentage to a decimal.
2. Calculate the interest earned.

To work with percentages in calculations, we first need to convert them to decimals.
Remember, percent means "per hundred," so 3.5% means 3.5 per hundred, or 3.5 out of 100.

To convert 3.5% to a decimal, we divide by 100.
This is the same as moving the decimal point two places to the left.
So, 3.5% becomes 0.035.

Now, let's calculate the interest earned!
The formula for simple interest is Interest = Principal Rate * Time*.
Here, our principal (the initial investment) is $\$826$ , the rate (the interest rate as a decimal) is 0.035, and the time is 1 year.

Let's plug those values into our formula: $\text{Interest} = \$826 \cdot 0.035 \cdot 1$

Multiplying these together gives us: $\text{Interest} = \$28.91$

After one year, the interest earned is $\$28.91$ .