Question

How much simple interest does $4,678.00 earn in 529 days at a rate of 7.3%? Round to the nearest cent.

Answer 1

$5,172.93

Explanation:

We're gonna use the simple interest formula: P = A(1 + r(t))

P = final amount

A = starting amount (4,678)

r = rate (0.073)

t = years (529/365)

P = 4,678(1 + 0.073(529/365))

P = 5,172.9324