p=559.04,r = 5.2%, t= 67 days the simple interest rounded to the nearest cent if needed

Elementary Algebra
17th Edition
ISBN:9780998625713
Author:Lynn Marecek, MaryAnne Anthony-Smith
Publisher:Lynn Marecek, MaryAnne Anthony-Smith
Chapter3: Math Models
Section: Chapter Questions
Problem 430PT: Melinda deposited $5,985 in a bank account with an interest rate of 1.9%. How much interest was...
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p=559.04,r = 5.2%, t= 67 days

the simple interest rounded to the nearest cent if needed

Expert Solution
Step 1

Obtain the simple interest for the given details as follows.

r = 5.2%,  t = 67 days, p = 559.04

Use the following formula to find the simple interest
t is the time in years
pr is the rate of interest
i=
100
p is the principal amount
67
years 0.18 years
365
Here 67 days =
r = 5.2%
p = 559.04
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