First, converting R percent to r a decimal
r = R/100 = 4.4%/100 = 0.044 per year,
putting time into years for simplicity,
6 months ÷ 12 months/year = 0.5 years,
then, solving our equation
A = 550(1 + (0.044 × 0.5)) = 562.1
A = $ 562.10
The total amount accrued, principal plus interest,
from simple interest on a principal of $ 550.00
at a rate of 4.4% per year
for 0.5 years (6 months) is $ 562.10.
