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3 years ago

Compute the amount of interest earned in the following simple interest problem. A deposit of $8,000 at 9.5% for 120 days.

2 answers:

6 0

Hi there

I=prt
P principle 8000
R interest rate 0.095
T time 120/360
I interest earned?

I=8,000×0.095×(120÷360)
I=253.33

Hope it helps

Rasek [7]3 years ago

3 0

Answer:

Option A. 253.33

Step-by-step explanation:

We have to get the amount of simple interest earned in this problem

Principal amount P = $800

Rate of interest R = 9.5%

Time or period of investment T = 120 days = $\frac{1}{3}year$

We will use the formula of Interest =

$\frac{P*R*T}{100}$

$\frac{8000*9.5*1}{3*100}=$253.33$

Option A. 253.33 is the answer

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