Question

If Rita receives $63.90 Interest for a deposit earning 6% simple interest for 150 days, what is the amountof her deposit to the

nearest dollar (zero decimal place). Use a 360-day year. Enter only the number without $ sign

Answer 1

Rita made a deposit of $2556 to earn $63.90 of simple interest at a rate of 6% over 150 days, using a 360-day year for the calculation.

Step-by-step explanation:

To calculate the amount of deposit Rita made to receive $63.90 in simple interest at a rate of 6% for 150 days, we use the simple interest formula:

I = PRT,

where

I is the interest earned,

P is the principal amount (initial deposit),

R is the rate of interest per year, and

T is the time in years.

Firstly, convert the interest rate from percentage to decimal by dividing by 100:

R = 6% / 100 = 0.06.

Convert the time period from days to years (since it's based on a 360-day year):

T = 150 / 360 = 5/12 years.

Now plug the values into the formula and solve for P:

I = PRT
P = I / (RT)
P = $63.90 / (0.06 × 5/12)
P = $63.90 / 0.025
P = $2556

To the nearest dollar, Rita's deposit is $2556.

Answer 2

Answer: 2556

Step-by-step explanation:

Let the amount of the deposit be x dollars

The amount of simple interest earned can be represented by the formula PRT/100

Where,

P is the amount of deposit

R is the annual rate of interest

T is the time in years

Therefore,

P=x

R=6

T=150/360 = 15/36 = 5/12

So,

Simple interest = x(6)(5)/1200

63.90 = 30x/1200

63.90= x/40

x= 63.90×40

x=2556

Therefore, amount deposited = 2556