Answer:
$41500
Step-by-step explanation:
First, converting R percent to r a decimal
r = R/100 = 15%/100 = 0.15 per year,
putting time into years for simplicity,
3 months ÷ 12 months/year = 0.25 years,
then, solving our equation
I = 40000 × 0.15 × 0.25 = 1500
I = $ 1,500.00
The simple interest accumulated
on a principal of $ 40,000.00
at a rate of 15% per year
for 0.25 years (3 months) is $ 1,500.00.
