Mr. gardener has $300,000 in a deposit account and receives 8 1 3 % interest annually. what annual interest (in dollars) does he receive?

The annual interest he receives is $25000

Step-by-step explanation:

We are given

Mr. Gardener has $300,000 in a deposit account

so,

P=300000

receives 8 1 3 % interest annually

so, r=8 1/3 %

%

time =1 year

so, t=1

now, we can use interest formula

now, we can plug values

now, we can simplify it

So,

The annual interest he receives is $25000

$25,000

Further explanation  

Given:  

Mr. Gardener has $300,000 in his savings account.He receives 8¹/₃ % interest annually.

Question:

What interest (in dollars) does he receive annually?

The Process:  

This problem includes the type of determining simple interest.

Simple interest =  

P = principal (initial amount)  r = annual interest ratet = time (in years)

The data is as follows:

P = 300,000  r = 8¹/₃ % or ²⁵/₃₀₀ or 0.0833  t = 1 year

Let us calculate how much interest (in dollars) does he receive annually.

 

 

 

 

Thus the amount of interest does he receive annually equals $25,000.

- - - - - - -  

Notes

We must be able to distinguish between simple and compound interest. Please learn about this in the link attached below.

Learn more  Melanie is looking for a loan  How much will our account accrue to in 9.5 years  What is the total amount owed at the end of the 4 years

C

Explain: The Statue of Liberty, Grand Canyon, and Empire State Building are all examples of INDUSTRY Good.