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$116.02 interest will be earned in 9 months
Step-by-step explanation:
The formula for simple interest is given by:
Here
P is the initial amount
r is the interest
t is the time measured in years
Given
P = $2475
r = 6.25% =
t = 9 months
Converting time into year by dividing by 12
Putting the values in the formula
Rounding off to nearest hundredth
I = $116.02
Hence,
$116.02 interest will be earned in 9 months
Keywords: Interest, simple interest
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