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Find the amount of interest earned for a twenty-six-week period: $24,600.00 invested at 14.25%

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Answer:

Interest = $1,752.75

Explanation:

The simple interest formula is given by:

S.I. = Prt, where:

  • S.I. is the amount of interest earned in the acount,
  • P is the principal/investment,
  • r is the interest rate as a decimal,
  • and t is the time in years.

Thus, we'll first need to convert 26 weeks to years.

Converting weeks to years:

Since there are 52 weeks in a year, we can determine how many years (x) is 26 weeks using a proportion:

26 weeks / x years = 52 weeks / 1 year

(26/x = 52) * x

(26 = 52x) / 52

0.5 = x

Thus, 26 weeks is the same as 0.5 years.

Finding the simple interest:
Now, we can find the simple interest by substituting 24600 for P, 0.1425 for r, and 0.5 for t in the simple interest formula:

S.I. = (24600)(0.1425)(0.5)

S.I.=(3505.5)(0.5)

S.I. = 1752.75

Therefore, the account earns $1,752.75 in interest, given an investment of $24600.00, an interest rate of 14.25%, and a period of twenty-six weeks.

User JMRC
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