part a matt has $550 in his savings account. he is eager to know how much interest the bank will pay him for…

part a matt has $550 in his savings account. he is eager to know how much interest the bank will pay him for the whole year. he knows that the bank pays a 3 percent interest rate. he sits down with a pen, paper, and calculator to find out the simple interest. lets help him out. matt has already jotted down the formula he needs to use: i = p × r × t first, help him substitute the correct values in this formula. write down the appropriate numbers for principal, rate of interest, and time. space used(includes formatting): 0 / 30000 submit part b now, solve the equation to find the simple interest that matt will receive. you can use your own calculator or substitute the necessary values in this simple interest calculator to find the interest. write the answer in the box below.

part a matt has $550 in his savings account. he is eager to know how much interest the bank will pay him for the whole year. he knows that the bank pays a 3 percent interest rate. he sits down with a pen, paper, and calculator to find out the simple interest. lets help him out. matt has already jotted down the formula he needs to use: i = p × r × t first, help him substitute the correct values in this formula. write down the appropriate numbers for principal, rate of interest, and time. space used(includes formatting): 0 / 30000 submit part b now, solve the equation to find the simple interest that matt will receive. you can use your own calculator or substitute the necessary values in this simple interest calculator to find the interest. write the answer in the box below.

Answer

Explanation:

Step1: Identify principal value

$P = 550$

Step2: Identify interest - rate value

The interest rate $r=3%=0.03$

Step3: Identify time - value

Since it is for 1 year, $t = 1$

Step4: Calculate simple interest

$I=P\times r\times t=550\times0.03\times1 = 16.5$

Answer:

$16.5$