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Ruby invests money in an account paying a simple interest of 7.4% per year. If she invests $60 and no money will be added or removed from the investment, how much will she have in one year, in dollars and cents? Answer: $

Ruby invests money in an account paying a simple interest of 7.4% 7.4 \% per year. If she invests $60 \$ 60 and no money will be added or removed from the investment, how much will she have in one year, in dollars and cents?\newlineAnswer: $ \$

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Q. Ruby invests money in an account paying a simple interest of 7.4% 7.4 \% per year. If she invests $60 \$ 60 and no money will be added or removed from the investment, how much will she have in one year, in dollars and cents?\newlineAnswer: $ \$
  1. Identify Details: Identify the principal amount, the interest rate, and the time period for the investment.\newlinePrincipal amount PP = $60\$60\newlineInterest rate rr = 7.4%7.4\% per year\newlineTime tt = 11 year\newlineWe need to calculate the interest earned in one year and add it to the principal amount to find the total amount in the account after one year.
  2. Convert Interest Rate: Convert the interest rate from a percentage to a decimal to use in calculations.\newlineInterest rate in decimal == Interest rate in percentage /100/ 100\newline=7.4/100= 7.4 / 100\newline=0.074= 0.074
  3. Calculate Simple Interest: Calculate the simple interest earned in one year using the formula:\newlineSimple Interest II = Principal PP * Rate rr * Time tt\newlineI=$60×0.074×1I = \$60 \times 0.074 \times 1\newlineI=$4.44I = \$4.44
  4. Calculate Total Amount: Calculate the total amount in the account after one year by adding the interest earned to the principal amount.\newlineTotal amount = Principal amount + Interest earned\newlineTotal amount = $60\$60 + $4.44\$4.44\newlineTotal amount = $64.44\$64.44

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