Question

Simple interest interest: xp= 50000r: 1.2%t:100 days

Answer 1

We can use the simple interest formula to solve this problem. Our working equation is

`I=P* r* t`

where P is the principal amount, r is the interest rate, and t is the time. If we assume that the rate of this problem grows every year, we need to convert the time into years. There are 365 days in a year. Hence, to convert 100 days into years, we have

`100\text{ days}*\frac{1\text{year}}{365\text{ days}}=0.27\text{year}`

Substitute the given on the given working equation and solve, we get

`I=(50000)(0.012)(0.27)=162`

Answer: 162