Raj inherited $900,000 from his father after paying $350,000 for a house he invested the remaining money in a savings account at 4.25% simple interest how much money is in the account if raj Makes no deposit or withdrawals for two years

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Mathematics

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7 October, 19:47

Raj inherited $900,000 from his father after paying $350,000 for a house he invested the remaining money in a savings account at 4.25% simple interest how much money is in the account if raj Makes no deposit or withdrawals for two years

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Piggy · Answer 1

You'll need to calculate the amount of money Raj has after paying $350000 for the house. That amount would be $550000.

the formula for simple interest is

i = p r t, where p is the principal, r is the interest as a decimal fraction, and t is the time in years.

Thus, i = $550,000 (0.0425) (2) = $46,750 (answer)