DezmonJ420667 DezmonJ420667

28-10-2022
Mathematics

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Hannah has $1,200 in her savings account. If the bank pays 3% interest per year on savings, how much Iinterest does she earn in one year?

Hannah has 1200 in her savings account If the bank pays 3 interest per year on savings how much Iinterest does she earn in one year class=

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QuinceyH351263 QuinceyH351263

28-10-2022

Basically, we need to use the formula provided:

[tex]I=PRT[/tex]

Where:

P = Principal (starting) = $1200

Rate = 3% = 0.03

Time = 1

[tex]\begin{gathered} I=1200\times0.03\times1 \\ I=36 \end{gathered}[/tex]

Hannah earns $36 in interest after 1 year

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