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Popular Word Problems >

Kate has 70, 000 in a savings account that earns 8% interest per year.The interest is not compounded.How much interest will she earn in 1 years?

Solution

K a t e ha s 70, 000 in a s a v in g s a cco u n t t ha t e a r n s 8% in t eres t p er ye a r . T h e in t eres t i s n o t co m p o u n d e d . Ho w m u c h in t eres t w i ll s h e e a r n in 1 ye a rs ?

Solution

Interest : 5600

Solution steps

Translate the problem into an equation:

I = 70000 \cdot 0.08 \cdot 1

Simplify

I = 70000 \cdot 0.08 \cdot 1

Interest : 5600

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