Question

Determine the simple interest. The rate is an annual rate. Assume 360 days in a year.

p​$511.75​, r5.4​%, t 67 days

Answer 1

well, since we know there are 360 days in a year, then 67 days must be 67/360 of a year, so

`~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$511.75\\ r=rate\to 5.4\%\to (5.4)/(100)\dotfill &0.054\\ t=years\dotfill &(67)/(360) \end{cases} \\\\\\ I = (511.75)(0.054)((67)/(360)) \implies I \approx 5.14`