Answer:
The interest that is computed in the account is $31.98
Step-by-step explanation:
Given as :
The principal amount deposited into saving account = p = $1000
The rate of interest applied = r = 6.5%
The amount is deposited for time period = t = 6 months = 0.5 year
Let the Amount in account after 6 months = $A
And Let The interest amount that is gained = $x
Now, From Compound Interest method
Amount = principal × [tex](1+\dfrac{\textrm rate}{100})^{\textrm time}[/tex]
Or, A = p × [tex](1+\dfrac{\textrm r}{100})^{\textrm t}[/tex]
Or, A = $1000 × [tex](1+\dfrac{\textrm 6.5}{100})^{\textrm 0.5}[/tex]
Or, A = $1000 × [tex](1.065)^{0.5}[/tex]
Or, A = $1000 × 1.03198
∴ A = $1031.98
So, The Amount in account after 6 months = A = $1031.98
Now, Again
Interest = Amount - Principal
Or, x = A - p
Or, x = $1031.98 - $1000
∴ x = $31.98
So, The interest that is computed in the account = x = $31.98
Hence,The interest that is computed in the account is $31.98 Answer
