Question

Could use some helpI’ve gotten 1.97 round up got2.0 and it’s wrong

Answer 1

Given:

The principal amount deposited is, P = $200.

The rate of interest is, r =3% = 0.03.

The number of days is, t = 120 days.

The objective is to find the total amount withdrawn after 120 days.

Step-by-step explanation:

The general formula to find the amount for simple interest is,

`\begin{gathered} A=P+I \\ A=P+(P* n* r)\text{ . . . . (1)} \end{gathered}`

It is known that the number of days in a year is 365 days/year.

Then,

`\begin{gathered} n=(t)/(365) \\ n=(120)/(365)\text{ . . . . (2)} \end{gathered}`

To find A :

Substitute the value of equation (2) and all other variables in equation (1).

`\begin{gathered} A=200+((200*120*0.03)/(365)) \\ =200+1.9726\ldots. \\ =201.9726\ldots\text{.} \\ \approx202 \end{gathered}`

Hence, the total amount withdrawn is $202 after 120 days.