Calculate the simple interest earned. Round to the nearest cent.P = $4550, r = 6%, t = 1 year
Question
Calculate the simple interest earned. Round to the nearest cent.P = $4550, r = 6%, t = 1 year
Solution
To calculate the simple interest, you can use the formula:
I = P * r * t
where: I is the interest, P is the principal amount (initial amount of money), r is the annual interest rate (in decimal form), and t is the time the money is invested for (in years).
Given: P = $4550, r = 6% = 0.06 (to convert a percentage into a decimal, divide by 100), and t = 1 year,
Substitute these values into the formula:
I = 273
So, the simple interest earned is $273.
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