Question

You have 3 online accounts in three different banks valued at: bank "A" = $250.67, 12% interest, bank "B" $765.13, 7% interest, and bank "C" $28,500.36, 9% interest. What is the average interest gained from the three accounts in one year?

Answer 1

Answer:

$\ 882.89$

Step-by-step explanation:

we know that

The simple interest formula is equal to

$I=P(rt)$

where

I is the Final Interest Value

P is the Principal amount of money to be invested

r is the rate of interest  

t is Number of Time Periods

in this problem we have

Bank A

$t=1\ years\\ P=\ 250.67\\r=12\%=12/100=0.12$

substitute in the formula above

$I=250.67(0.12*1)=\ 30.08$

Bank B

$t=1\ years\\ P=\ 765.13\\r=7\%=7/100=0.07$

substitute in the formula above

$I=765.13(0.07*1)=\ 53.56$

Bank C

$t=1\ years\\ P=\ 28,500.36\\r=9\%=9/100=0.09$

substitute in the formula above

$I=28,500.36(0.09*1)=\ 2,565.03$

Find the average interest gained from the three accounts in one year

$[\ 30.08+\ 53.56+\ 2,565.03]/3=\ 882.89$