Question

When calculating simple interest, what must you do if you want to invest for months or weeks instead of years?

Answer 1

D is the answer to your question

Answer 2

The formula for calculating the simple interest is given by

$I=Prt$

Here, P = Principle amount

r = annual interest rate in decimal

t = time in years.

Now, if we invest for months or week then in order to find the simple interest, we must convert the units in years.

Therefore, d is the correct option.

d) Interest rates are annual, so you must convert the units into years.