Question

How do I solve this problem and what is the answer?

Answer 1

well, 21 months is really more than 1 year, since there are 12 months in a year, 21 months is actually 21/12 years.

`\bf ~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$1620\\ r=rate\to 5.3\%\to (5.3)/(100)\dotfill &0.053\\ t=years\to (21)/(12)\dotfill &(7)/(4) \end{cases} \\\\\\ I=(1620)(0.053)\left( (7)/(4) \right)\implies I=150.255`