Calculate the simple interest earned. Round to the nearest cent.P = $2000, r = 5.1%, t = 20 days$
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 ($2000 in this case), r is the rate of interest (5.1% or 0.051 in this case), t is the time the money is invested or borrowed for (20 days in this case).
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