Question

Find the simple interest earned, to the nearest cent, for the principal, interest rate, and time.

$530, 6%, 1 year

Answer 1

The simple interest earned, to the nearest cent, is $31.80.

Step-by-step explanation:

The simple interest earned, to the nearest cent, can be calculated using the formula:

Interest = Principal x Rate x Time

Given that the principal is $530, the interest rate is 6%, and the time is 1 year, we can plug in these values to find the interest:

Interest = $530 x 0.06 x 1 = $31.8

Therefore, the simple interest earned, to the nearest cent, is $31.80.