Pregunta
Determine the simple interest. The rate is an annual rate. Assume 360 days in a year. \( \mathrm{p}=\$ 310, \mathrm{r}=7.25 \%, \mathrm{t}=2.75 \) years The simple interest is \( \$ \square \). (Round to the nearest cent as needed.)
Ask by West Mckenzie. in the United States
Mar 09,2025
Solución de inteligencia artificial de Upstudy
Respuesta verificada por el tutor
Responder
The simple interest is \$61.81.
Solución
1. Write the formula for simple interest:
\[
I = P \times r \times t
\]
2. Substitute the given values:
- \( P = 310 \) dollars,
- \( r = 7.25\% = 0.0725 \) (as a decimal),
- \( t = 2.75 \) years.
\[
I = 310 \times 0.0725 \times 2.75
\]
3. Calculate the product step by step:
- First, calculate \( 310 \times 0.0725 \):
\[
310 \times 0.0725 = 22.475
\]
- Next, multiply by \( 2.75 \):
\[
22.475 \times 2.75 \approx 61.80625
\]
4. Round the result to the nearest cent:
\[
I \approx \$61.81
\]
The simple interest is \( \$61.81 \).
Respondido por UpStudy AI y revisado por un tutor profesional
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Extra Insights
To determine the simple interest, you can use the formula: \[ I = P \times r \times t \] where \(I\) is the interest, \(P\) is the principal amount (\$310), \(r\) is the rate (7.25% or 0.0725), and \(t\) is the time in years (2.75 years). Plugging in the values, we get: \[ I = 310 \times 0.0725 \times 2.75 \] Calculating this: 1. Calculate \(310 \times 0.0725 = 22.475\) 2. Then, \(22.475 \times 2.75 = 61.18125\) Thus, rounded to the nearest cent, the simple interest is \( \$61.18 \).

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