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

Given:  

Question:

What interest (in dollars) does he receive annually?

The Process:  

This problem includes the type of determining simple interest.

Simple interest =  

The data is as follows:

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

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

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Notes

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

step-by-step explanation: noo