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Your mom opens an account to save money for a family vacation. The account earns an animal interest rate of 4%. She earns $37 in simple interest after 6 months. How much money did she put in the account when she opened it? Use the formula: I=prt

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2037418

Answer:

I = $ 0.74

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 4%/100 = 0.04 per year,

putting time into years for simplicity,

6 months ÷ 12 months/year = 0.5 years,

then, solving our equation

I = 37 × 0.04 × 0.5 = 0.74

I = $ 0.74

The simple interest accumulated

on a principal of $ 37.00

at a rate of 4% per year

for 0.5 years (6 months) is $ 0.74.

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