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On June 1st, Elena Moore deposited $610 in a savings account at Metro Savings and Loan Association. At the end of November, her interest was computed at an annual interest rate of 4.5%. How much simple interest did her money earn?(Provide a step by step on how you solved it, along with the answer please).

Verified Answer :

Baconman2016

I'm not good with any math that is above per algebra sorry.

jepessoa

Answer:

$2.26

Step-by-step explanation:

since we are using a simple interest rate, we must first determine the daily interest earned = 4.5% / 365 days = 0.0001232876

June has 30 days, so we just multiply the daily interest rate by 30 and then multiply again times $610 (account balance)

total interest earned = 0.0001232876 per day x 30 days x $610 = $2.26

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