Money Birute deposited in a savings account = $500
Rate of simple interest per annum = 1.3%
▪︎We need to find the interest she will earn in 4 years.
We know that :
[tex]\tt \: \color{hotpink}simple \: interest \color{plum}= \frac{principal \times rate \times time}{100} [/tex]
In this case :
Principal = $500
Rate = 1.3%
Time = 4 years
Which means :
The simple interest she will earn in 4 years :
[tex] = \tt \frac{500 \times 1.3 \times 4}{100} [/tex]
[tex] = \tt \frac{2600}{100} [/tex]
[tex]\color{plum} = \tt\bold{\$26}[/tex]
Thus, the simple interest she will earn in 4 years = $26
Amount = Principal + Interest
Amount she will gain after 4 years :
[tex] =\tt 500 + 26[/tex]
[tex]\color{plum} = \tt\bold{\$526}[/tex]
Thus, the amount she will gain after 4 years = $526
Amount change in her account = 526 - 500 = 26
We know that :
[tex]\tt \: \color{hotpink}percentage \: of \: change\color{plum} = \frac{change}{original \: price} \times 100[/tex]
Which means :
Percentage of change in her savings account :
[tex] =\tt \frac{26}{500} \times 100 [/tex]
[tex] =\tt \frac{26 \times 100}{500} [/tex]
[tex] = \tt\frac{2600}{500} [/tex]
[tex]\color{plum} = \bold{\tt\bold{5.2\%}}[/tex]
○=> Therefore :
▪︎Simple interest after 4 years = $26
▪︎Money she will earn after 4 years = $526
▪︎Percentage of change in her savings account = 5.2%
