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Amy deposits $360 in an account that pays 1.2% simple annual interest. How much interest will she earn in 6 years?

Amy deposits $360 \$ 360 in an account that pays 1.2% 1.2 \% simple annual interest. How much interest will she earn in 66 years?

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Full solution

Q. Amy deposits $360 \$ 360 in an account that pays 1.2% 1.2 \% simple annual interest. How much interest will she earn in 66 years?
  1. Identify Details: Identify the principal amount, the interest rate, and the time period for which the interest is calculated.\newlinePrincipal PP = $360\$360\newlineInterest Rate rr = 1.2%1.2\% per annum\newlineTime tt = 66 years
  2. Convert to Decimal: Convert the interest rate from a percentage to a decimal to use in calculations.\newlineInterest Rate rr = 1.2%1.2\% = 1.2100\frac{1.2}{100} = 0.0120.012
  3. Calculate Simple Interest: Use the formula for simple interest to calculate the interest earned over the time period.\newlineSimple Interest I=P×r×tI = P \times r \times t
  4. Plug in Values: Plug in the values into the formula to calculate the interest.\newlineI=($)360×0.012×6I = (\$)360 \times 0.012 \times 6
  5. Perform Multiplication: Perform the multiplication to find the total interest.\newlineI = (\$)\(360 \times 00.012012 \times 66 = (\$)\(4\).\(32\) \times \(6\) = (\$)\(25\).\(92\)

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