Final answer:
The simple interest on an investment of $9,946.93 at an interest rate of 8.2% for 76 days is approximately $172.63, calculated using the simple interest formula (Principal × Rate × Time).
Step-by-step explanation:
To find the simple interest, you can use the formula:
Interest = Principal × Rate × Time
For the given problem, the principal is $9,946.93, the annual interest rate is 8.2%, and the time is 76 days.
Step 1:
Convert the annual interest rate to a decimal:
8.2% = 0.082
Step 2:
Convert time in days to time in years (since we're assuming a 360-day year):
76 days = ⅔ of a year
Step 3:
Calculate the simple interest:
Interest = $9,946.93 × 0.082 × (⅔)
Interest = $9,946.93 × 0.082 × 0.2111
Interest = $172.63 (rounded to two decimal places)
The simple interest earned on an investment of $9,946.93 at an interest rate of 8.2% for 76 days is approximately $172.63.