Final answer:
To find the interest for the given dates, we'll use the simple interest formula: Interest = Principal × Rate × Time. In this case, the Principal is $400, the Rate is 9 ½% (or 0.095), and the Time is the number of days between May 10th and June 24th. The interest for the given dates is approximately $4.68.
Step-by-step explanation:
To find the interest for the given dates, we'll use the simple interest formula:
Interest = Principal × Rate × Time
In this case, the Principal is $400, the Rate is 9 ½% (or 0.095), and the Time is the number of days between May 10th and June 24th.
First, let's calculate the Time:
May 10th to June 24th is a span of 45 days. Since the interest is calculated based on a 365-day year, we need to convert 45 days to a fraction of a year.
45/365 = 0.1233 (approximately)
Now, we can calculate the Interest:
Interest = $400 × 0.095 × 0.1233 = $4.6764 (approximately)
Therefore, the interest for the given dates is approximately $4.68.