Question

Find the simple interest earned to the nearest cent for each principal, interest rate, and time 1,050, 4.6%, two years

Answer 1

principle (p)=RS 1,050

Rate(R)=4.6

time(T)=2years

we know that

I=P×R×I/100

=1050×4.6×2/100

=9660/100

=96.6

therefore the earned simple interest is RS.96.6

Answer 2

The interest earned is $96.60

Explanation:

Since we are working the a simple interest problem, we will use the formula

`I=Prt`,

Where P represents the principal, r represents the rate as a decimal, and t represents the time in years. First, we need to change the 4.6% into a decimal by dividing by 100:

`4.6/ 100 = 0.046`

From our given information and our decimal rate, we have:

`P=1050\\r=0.046\\t=2`

Substituting these into our equation, we get:

`I=1050(0.046)(2)\\I=96.6`

We write that as $96.60 in context of the problem.