Answer:
$12.10
Step-by-step explanation:
We are given that $550 in an account that earns 4.4% simple interest per year .
We have to calculate value of interest your earn in 6 months
Principle amount=P=$550
Rate of interest =4.4%
Time= 1 year
Using simple interest formula
[tex]S.I=\frac{P\times r\times t}{100}[/tex]
Where P= Principle amount
r=Rate of interest
t= times in years
Substitute the values in given formula then we get
S.I=[tex]\frac{550\times4.4\times1}{100}[/tex]
S.I=$24.20
Now, time =6 months=[tex]\frac{6}{12}=\frac{1}{2} year[/tex]
S. I earn in one year =$24.20
S.I earn in half year =[tex]\frac{1}{2}\times 24.20=$12.10[/tex]
