Answer :
To calculate the simple interest earned on a deposit, we use the formula for simple interest:
[tex]\[ \text{Interest} = \text{Principal} \times \text{Rate} \times \text{Time} \][/tex]
Let's break down the steps:
1. Principal Amount (P): This is the initial amount of money deposited, which is \[tex]$5,200.
2. Rate of Interest (R): The rate is given as 3.15%. To use this in the formula, we need to convert it into a decimal by dividing by 100. So, 3.15% becomes 0.0315.
3. Time (T): The time period must be in years. We're given 48 months, which is equal to 48/12 = 4 years.
Now, we can calculate the simple interest:
\[ \text{Interest} = 5,200 \times 0.0315 \times 4 \]
Calculating this, the interest earned is \$[/tex]655.20.
Therefore, the interest Zeke earns from the deposit after 48 months in the account is \$655.20.
[tex]\[ \text{Interest} = \text{Principal} \times \text{Rate} \times \text{Time} \][/tex]
Let's break down the steps:
1. Principal Amount (P): This is the initial amount of money deposited, which is \[tex]$5,200.
2. Rate of Interest (R): The rate is given as 3.15%. To use this in the formula, we need to convert it into a decimal by dividing by 100. So, 3.15% becomes 0.0315.
3. Time (T): The time period must be in years. We're given 48 months, which is equal to 48/12 = 4 years.
Now, we can calculate the simple interest:
\[ \text{Interest} = 5,200 \times 0.0315 \times 4 \]
Calculating this, the interest earned is \$[/tex]655.20.
Therefore, the interest Zeke earns from the deposit after 48 months in the account is \$655.20.
