Question

HELLLPPPP

Find the amount of simple interest earned for depositing the given principle in an account. if $3100
is invested at 5.5 % for 3 months

Answer 1

$ 42.625 is the correct answer .

Explanation:

principal ( p ) = $3100

Rate ( R ) = 5.5 %

Time ( T ) = 3 months

( convert months into year)

= 3/12 year

Simple Interest ( I ) = ??

By using formula ,

simple Interest ( I) = PTR / 100

=$3100 × 5.5 % × 3/12 ÷ 100

= 3100 × 5.5 × 3 ÷ 100 × 12

= 51150 ÷ 1200

= 42.625

= $ 42.625

Thank you ☺️☺️☺️