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

2 Answers
Jun 29, 2018

Answer:

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#
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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).

Jun 29, 2018

Answer:

#$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#