Question

Using the simple interest formula, determine the number of days until $2361.00 will earn $46.57 interest at 31/3% p.a. The number of days required is (Round up the final answer to the nearest day as needed.

Answer 1

To earn $46.57 in interest at a 10.333% annual interest rate on $2361.00, it would take approximately 70.81 days. After rounding up, the number of days required is 71.

Step-by-step explanation:

Using the simple interest formula I = P * r * t, where 'I' is the interest earned, 'P' is the principal, 'r' is the interest rate, and 't' is the time in years, we can find the number of days required to earn $46.57 at a 31/3% (which is 10.333%) per annum interest rate on $2361.00.

First, convert the interest rate from a percentage to a decimal by dividing by 100: 10.333% / 100 = 0.10333. Now, rearrange the formula to solve for 't':

t = I / (P * r)

Substitute the values into the equation:

t = $46.57 / ($2361.00 * 0.10333)

t ≈ 0.194 years. To find the number of days, multiply 0.194 years by 365 days/year:

Number of days = 0.194 * 365 ≈ 70.81 days

Since we need to round up to the nearest day, the number of days required is 71.