Compute the amount of interest earned in the following simple interest problem. A deposit of $1,295 at 7% for 180 days
(Note: Use 365 days in a year)

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Mathematics

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Compute the amount of interest earned in the following simple interest problem. A deposit of $1,295 at 7% for 180 days
(Note: Use 365 days in a year)

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Jdoe0001id Jdoe0001id · Answer 1

since there are 365 days in a year, so 180 days is really just 180/365 of a year, so

[tex]~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$1295\\ r=rate\to 7\%\to \frac{7}{100}\dotfill &0.07\\ t=years\to \frac{180}{365}\dotfill &\frac{36}{73} \end{cases} \\\\\\ I = (1295)(0.07)(\frac{36}{73})\implies I\approx 44.7[/tex]