Question

The investors club invests 500 at 6% simple interest. How much
is in the account afte 90 days?

Answer 1

Answer: There would be $507.39 in the account after 90 days.

Explanation:

Since we have given that

Principal = $500

Rate of interest = 6%

Number of days = 90 days

As we know that "Simple interest":

`Interest=(P* R* T)/(100)\\\\Interest=(500* 6* 90)/(100* 365)\\\\Interest = \$7.39`

So, Amount = Principal + Interest

Amount = $500 + $ 7.39

Amount = $507.39

Hence, There would be $507.39 in the account after 90 days.