Question

Determine the simple interest. Assume 360 days in a year. p = $43,336r=0.0785% per day t = 60 days The simple interest is ​$ ​(Do not round until the final answer. Then round to the nearest cent as​ needed.)

Answer 1

The simple interest for the investment of $43,336 at a daily rate of 0.0785% over 60 days is $2040.23 once rounded to the nearest cent.

Step-by-step explanation:

To calculate the simple interest for the given investment, we can use the simple interest formula which is:

I = P × r × t

Where:
I is the interest,
P is the principal amount ($43,336),
r is the daily interest rate (0.0785%),
t is the time the money is invested (60 days).

First, we'll need to convert the daily interest rate from a percentage to a decimal by dividing by 100:

r = 0.0785% ÷ 100 = 0.000785

Now, we'll substitute values into the simple interest formula:

I = $43,336 × 0.000785 × 60

Calculating this will give us the simple interest accrued over the 60 days:

I = $43,336 × 0.000785 × 60 = $2040.228

Now we round the result to the nearest cent:

Simple interest = $2040.23