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Jerzy Kiler · Answer 1 · 2023-05-14T21:53:00+0000

The simple interest earned is $9.85

Here, we want to calculate the simple interest earned on the amount deposited

Mathematically, we can calculate simple interest using the equation;

$\begin{gathered} \text{simple interest = }\frac{P\text{ }*\text{ R }*\text{ T}}{100} \\ \\ \text{where P is the amount deposited called principal = \$550} \\ R\text{ is the rate which is 4.3\%} \\ \\ T\text{ is the time which is the duration of time which is 5 months here; we shall represent this with }(5)/(12) \\ \\ \text{Substituting these values, we have;} \\ \\ \text{simple interest = }\frac{550\text{ }*\text{ 4.3 }*(5)/(12)}{100}\text{ = }(11,825)/(1200) \\ \\ \text{simple interest = 9.85} \end{gathered}$

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