Question

P = $17,500, r =8%, t= 180 days

The simple interest owed is
(Do not round until the final answer. Then round to the nearest cent as needed

Answer 1

just a quick addition to "mathstudent55" posting above

assuming a year has 365 days, then 180 days is really just 180/365 of a year, so

`~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$17500\\ r=rate\to 8\%\to (8)/(100)\dotfill &0.08\\ t=years\to (180)/(365)\dotfill &(36)/(73) \end{cases} \\\\\\ I = (17500)(0.08)((36)/(73)) \implies I \approx 690.41`

Answer 2

$690.41

Explanation:

I = Prt

I = ($17,500)(0.08)(180/365)

I = $690.41