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 ($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).
Substituting the given values into the formula, we get:
I = 2300 * 0.053 * 0.5
Now, calculate the multiplication:
I = 61.45
So, the simple interest earned would be $61.45 when rounded to the nearest cent.
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