Question

Shawn earned $2.77 per day for three days as interest on his $1,000.00 investment. What percent interest did he earn in total? Give your answer to three decimal places. Give steps pleaseeee <3

Answer 1

well, the returned interest is 2.77 flat, meaning Shawn is getting simple interest per day for those three days.

`~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\dotfill & \$\stackrel{3(2.77)}{8.31}\\ P=\textit{original amount deposited}\dotfill & \$1000\\ r=rate\to r\%\to (r)/(100)\\ t=years\dotfill &3 \end{cases} \\\\\\ 8.31 = (1000)((r)/(100))(3)\implies 8.31=30r\implies \cfrac{8.31}{30}=r\implies \stackrel{\%}{0.277}=r`