Question

i need help on a question.
Jessica deposits $300 into a savings account that pays a simple interest rate of 6%. How much money will Jessica have in her account at the end of six months?

Answer 1

can anyone help me

Answer 2

6% annually?

Answer 3

yes

Answer 4

if 6% is the annual rate, then the bank gives 6$ interest for 100$ deposit in 12 months.
so for 6 months, the bank will give 6/12 * 6 $ interest= 3$ interest.
so the interest is 3% for 6 months.
so how much will be the total money after 6 months? 300(1+3/100) $=309 $

Answer 5

ahh thank you can u help me with how you found tht answer??

Answer 6

i already showed you how i got it.. is there anything you did not understand?

Answer 7

or we can use the formula
I=Pnr

Answer 8

I=interest money

Answer 9

P=deposit

Answer 10

n=6 months=0.5 year

Answer 11

r= interest rate=3%=3/100=0.03