You deposit $400 into an account that earns simple interest at an annual rate of 4.8% annually. How much money will be in the account after 6 months?

Question

anonymous · Answer

Is the formula I=prt? I tried the formula and it didn't work

anonymous · Answer

Multiple choice:
A) $403.2
B) $409.6
C) $419.2
D) $515.2

anonymous · Answer

:P

hero · Answer

I = PRT

anonymous · Answer

Yeah... So I=400(.048)(1/2) rightt?

hero · Answer

Why 1/2?

anonymous · Answer

doesn't it have to be by year?

hero · Answer

Well, you have to make sure you properly interpret what every six months mean

hero · Answer

Oh, it said after six months

hero · Answer

Yeah that should be right

anonymous · Answer

hold a second let me calculate again...

anonymous · Answer

Do I add it to the 400 dollars?
b/c i got 19.2

hero · Answer

Did you remember to divide by 2?

anonymous · Answer

oh no.
X3 I'll do that but do i add it?

hero · Answer

yes add that to 400 and see what you get

anonymous · Answer

I got B) $409.6?