Question

$22,000 is invested at a simple interest rate of 1.5%. How much does the investment earn after 6 months?

Answer 1

You have not stated the calculation cycle.
You will have to adjust the derived values to suit the complete context of the question (not stated).

Explanation:

`1.5%` is the same as `1.5/100`

`1.5/100xx$22000 = 1.5xx$220 =$330`

So the earning is: `" calculation cycle" xx$330`

Lets assume that the `1.5%` is annual.

Thus for six months we have: `6/12xx$33 = $165.0`
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Note that this does not reflect what happens in real life.

You will have to adjust the above values to suit the complete context of the question (not stated).

Answer 2

`$165`

Explanation:

The money earned in simple interest is given by the equation:

`S_f=S_i*r*n`

where:

• `S_i,S_f` are the initial and final amount of money

• `r` is the interest rate

• `n` is the number of years

We got: `n= 6 \ "months"=0.5`.

So, we earn:

`S_f=$22000*1.5%*0.5`

`=$11000*0.015`

`=$165`