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Find the interest for the given dates to the nearest cent. 400 dollars at 9 ½ percent for 5/10 to 6/24.

User Jturolla
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1 Answer

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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.

User Robert Dupuy
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