Question

A money market fund advertises a simple interest rate of 88​%. Find the total amount received on an investment of ​$4000 for 15 months.A money market fund advertises a simple interest rate of 88​%. Find the total amount received on an investment of ​$4000 for 15 months. The total amount received on an investment of ​$4000 for 15 months is ​$ . ​(Do not round until the final answer. Then round to the nearest cent as​ needed.)

Answer 1

`\bf \qquad \textit{Simple Interest Earned}\\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\to& \$4000\\ r=rate\to 88\%\to (88)/(100)\to &0.88\\ t=years\to (15)/(12)\to &(5)/(4) \end{cases} \\\\\\ I=4000\cdot 0.88\cdot \cfrac{5}{4}`