Calculate the simple interest earned. Round to the nearest cent.P = $2300, r = 5.3%, t = 6 months
Question
Calculate the simple interest earned. Round to the nearest cent.P = $2300, r = 5.3%, t = 6 months
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 = $2300,
- r = 5.3% = 0.053 (you need to divide the percentage by 100 to convert it to a decimal), and
- t = 6 months = 0.5 years (6 months is half a year).
Substitute these values into the formula:
I = $2300 * 0.053 * 0.5
Now, calculate the multiplication:
I = $61.45
So, the simple interest earned, rounded to the nearest cent, is $61.45.
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