Basic math

[ch6128ps]

This is a simple problem involving interest.


Jerrica O’Reilly deposited $800 into a savings account at Nations National Bank. The account earned an annual interest rate of 5 1/2%. What was her interest after three months?

The answer on the study guide is 13.2.

How?

 

[tkhunny]

You tell me. What's your first attempt at a solution?

Start here: 0.055*800.00 = 44.00

Did you mean a simple problem about interest, or a problem about simple interest?

 

[pappus]

This is a simple problem involving interest.


Jerrica O’Reilly deposited $800 into a savings account at Nations National Bank. The account earned an annual interest rate of 5 1/2%. What was her interest after three months? <-- Keep in mind that 3 months are a quarter of a year. Therefore I believe that the given answer must be wrong.

The answer on the study guide is 13.2.

How?

....

 

[ch6128ps]

Reply

44*1/4= 11
This is what I got...and the problem seems so simple...

I don't know if the answer is wrong, but I am just asking to make sure.

I am pretty sure that the problem is simple and it involves simple interest, but again, I was only given with the problem.