What would the amount of interest be earned if there is a deposit of $10,000 at 9.5% for 90 days

1 answer:

3 0

I am working on this in school, this is how we are being taught to do this type of problem:

First, convert the 9.5% to 0.095. Then multiply:

10,000 x 0.095 x 90 = 85,500

So, the answer should be: $85,500 interest.

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Given the simple interest formula:

I = P•R•T

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T = time (in years)

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I / (P•T) = (P•R•T)/(P•T)

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