Question

The investors club invests 500 at 6% simple interest. How much is in the account afte 90 days?

Answer 1

Answer: There would be $507.39 in the account after 90 days.

Step-by-step explanation:

Since we have given that

Principal = $500

Rate of interest = 6%

Number of days = 90 days

As we know that "Simple interest":

$Interest=\dfrac{P\times R\times T}{100}\\\\Interest=\dfrac{500\times 6\times 90}{100\times 365}\\\\Interest = \ 7.39$

So, Amount = Principal + Interest

Amount = $500 + $ 7.39

Amount = $507.39

Hence, There would be $507.39 in the account after 90 days.