Answer:
Account balance will be = $392.453
Amount of interest = $9.572
Step-by-step explanation:
The interest earned on the money half year from now is 2.5%
Hence Interest earned will be = PRT/100
P = principal = $382.88
R = rate = 2.5% bi-annually
T = 1 year
I= interest = (382.88 x 2.5 x 1)/ 100 = $9.572
Hence account balance will be = 9.572+382.88 = $392.453
Amount of interest = $9.572
Answer: The interest it will yield is = $9.57¢
Their account balance after the given period will now be = $392.45¢
Step-by-step explanation:
In order to calculate the amount of interest that would have accrued within the six months and the total amount they will have in their account after the period of 1/2 year, we will have to make use of the simple interest formula:-
Simple interest (S.I) = (Principal × Rate × Time)/100
In this instance, principal = $382.88
Rate = 5%
Time = 1/2 year
Simple interest (S.I) = (382.88 × 5 × 1)/100 × 2
= 1914.4/200
= $9.57¢
Therefore, they would earn an interest of $9.57¢ after the period of 1/2 year (6 months) at the rate of 5% per annum.
The total sum that will now be in their account after the period will be derived by adding the initial sum deposited (the principal) to the interest earned over the period of six (6) months;
That is, $382.88 + $9.57
= $392.45
So, their account balance after the period of 1/2 year (6 months) if they earn at a rate of 5% per annum will now be $392.45
