Given:
Principal = $10
Rate of simple interest = 2.2% per month
Number of years = 6
To find:
The value of interest.
Solution:
Formula for simple interest is:
...(i)
Where, P is principal, r is rate of interest in % and t is the time period.
Here the rate of interest is defined for per month. So, the time period is also the number of months.
[ 1 year = 12 months ]
Putting P=10, r=2.2 and t=72 in (i), we get
The simple interest is $15.84.
Therefore, the correct option is B.
48 ounces *1 pound/16 ounces=3 pound
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