Calculate the simple interest earned. Round to the nearest cent.P = $2300, r = 5.3%, t = 6 months
Question
Solution 1
To calculate the simple interest, you can use the formula:
I = P * r * t
where: I is the interest, P is the principal amount ($2300 in this case), r is the rate of interest (5.3% or 0.053 in this case), and t is the time period (6 months or 0.5 years in this case).
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