Respuesta :

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we are given

Philip Amherst has $600 in his savings account

so, principal amount is $600

so, we get

[tex] P=600 [/tex]

interest rate is 5 3/4 %

so,

r =5.75%

time is 12 months

Since, interest is annually

so, we can change time in years

[tex] t=\frac{12}{12} year [/tex]

[tex] t=1 year [/tex]

now, we can find simple interest

we can use formula

[tex] SI=\frac{P*r*t}{100} [/tex]

now, we can plug values

[tex] SI=\frac{600*5.75*1}{100} [/tex]

[tex] SI=34.5 [/tex]

so,

the amount of interest after 12 months is $34.5..........Answer


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