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Stefanhas$29,488inasavingsaccountthatearns13%interestperyear.Theinterestisnotcompounded.Tothenearestcent,howmuchinterestwillheearnin6months?

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Solution

To calculate the interest that Stefan will earn in 6 months, you need to follow these steps:

  1. First, convert the annual interest rate from a percentage to a decimal by dividing by 100. So, 13% becomes 0.13.

  2. Then, calculate the annual interest that Stefan would earn by multiplying his savings by the interest rate. So, 29,4880.13=29,488 * 0.13 = 3,833.44.

  3. Since the interest is not compounded and you want to find out how much he will earn in 6 months, simply divide the annual interest by 2. So, 3,833.44/2=3,833.44 / 2 = 1,916.72.

So, Stefan will earn approximately $1,916.72 in interest over 6 months.

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