ananya would like to estimate how much interest she could earn in her savings account. what does she need to…
ananya would like to estimate how much interest she could earn in her savings account. what does she need to know to figure this out? the amount of time her account has been open and the amount of money in her account or the interest rate, the amount of money in her account, and how long it’s been in her account
Answer
Explanation:
Step1: Recall simple - interest formula
The simple - interest formula is $I = Prt$, where $I$ is the interest, $P$ is the principal amount (the amount of money in the account), $r$ is the interest rate, and $t$ is the time.
Step2: Analyze required variables
To calculate the interest $I$, we need to know the principal amount $P$, the interest rate $r$, and the time $t$.
Answer:
the interest rate, the amount of money in her account, and how long it’s been in her account