Question

Holly opened a savings account at a local bank. She deposited $2,500.00 into the account 5 years ago. If the account earns an annual simple interest rate of 7.1%, how much interest has she earned?
A.
$710.00
B.
$887.50
C.
$762.50
D.
$177.50

Answer 1

@noodlesandriceyt HELP ME FELLOW MATE

Answer 2

What do you know about interest in the economy?

Answer 3

so liek interest rate of 7.1% per year?

Answer 4

yes

Answer 5

do you know how to muliply percentages with money value?

Answer 6

hmm

Answer 7

not rlly i think i did them last year idk -___-

Answer 8

but no

Answer 9

oh shoot wait i mean take away money with the percentage oops ;-;

Answer 10

im trying to remember how to do this, its been about 2-3 years ;-;

Answer 11

I need someone to help me ;-; dont you turn 7.1% into a decimal?

Answer 12

yea u would

Answer 13

0.071

Answer 14

Sorry

Answer 15

I think i was wrong anyway I'm going to try to do it again then i can just help not give out the answer

Answer 16

Am I allowed to say the steps to find the answer?

Answer 17

yes

Answer 18

Kk so first change the percent to a regular number by moving the decimal place 2 times so 7.1% becomes 0.071 then do 0.071 × 2500 then since it's over 5 years do The answer to 0.071 x 2500 times 5 and you get your answer

Answer 19

oki got it now

Answer 20

thx u

Answer 21

Ofc np 😊