Question

Angie has $1,032 in her savings account. If the bank pays 3.5% simple interest on savings, how much does she earn in one year?

Answer 1

$36.12 he earns $36.12 every year

Answer 2

Based on the amount in the account and the amount the bank pays as interest, Angie will earn $36.12 in a year.

The amount that Angie will earn depends on the interest rate and the amount in her account. The relationship can be expressed as:

= Amount in account x Interest rate

Solving would give:

= 1,032 x 3.5%

= $36.12

In conclusion, Angie would earn $36.12 in one year.

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