Choose the correct answer for the amount of interest earned in the following simple interest problem. A deposit of $4,000 at 9.5% for 270 days

Question

Mathematics

Sasha Frazier

20 July, 00:07

Choose the correct answer for the amount of interest earned in the following simple interest problem. A deposit of $4,000 at 9.5% for 270 days

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Answers (1)

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Gunnar Hobbs · Answer 1

Hello, So

the deposit is $4,000 so P = 4000the interest rate is 9.5% - - - > 9.5/100=0.095 so r = 0.095use these to plug them into the formula I = P*r*t I = P*r*tI = 4000*0.095 * (270/365) I = 281.095890410959 I = 281.10 (round to the nearest penny) So, you've earned $281.10 in interest