1. savings account how much interest will hannah earn in 4 years if she deposits $630 in a savings account…

1. savings account how much interest will hannah earn in 4 years if she deposits $630 in a savings account at 6.5% simple interest?

1. savings account how much interest will hannah earn in 4 years if she deposits $630 in a savings account at 6.5% simple interest?

Answer

Explanation:

Step1: Identify the simple - interest formula

The formula for simple interest is $I = Prt$, where $I$ is the interest, $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years.

Step2: Convert the percentage to a decimal

The annual interest rate $r = 6.5%=0.065$. The principal amount $P = 630$ and the time $t = 4$ years.

Step3: Substitute the values into the formula

$I=Prt=630\times0.065\times4$. First, calculate $630\times0.065 = 40.95$. Then, calculate $40.95\times4=163.8$.

Answer:

$163.8$