A woman put $580 into a savings account for three years. The rate of interest on the account was 6.5%. How much was the interest for the year in dollars and cents? (Use simple interest)
I = Po*r*T = 580*0.065*1 =
To calculate the interest for the year using simple interest, you need to multiply the principal amount (the initial investment) by the interest rate. Simple interest is given by the formula:
Interest = Principal x Rate
In this case, the principal amount is $580 and the interest rate is 6.5% (or 0.065 as a decimal).
Interest = $580 x 0.065
To calculate the interest, multiply $580 by 0.065:
Interest = $580 x 0.065 = $37.70
Therefore, the interest for the year is $37.70.