brittneylynnr brittneylynnr
  • 22-03-2018
  • Mathematics
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a deposit of $1295 at 7% for 180 days what is the amount of interest earned

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jdoe0001 jdoe0001
  • 22-03-2018
well, keeping in mind that 180 days is not even a year, since there are 365 days in a year, then 180 is 180/365 of a year, therefore

[tex]\bf ~~~~~~ \textit{Simple Interest Earned}\\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\to& \$1295\\ r=rate\to 7\%\to \frac{7}{100}\to &0.07\\ t=years\to \frac{180}{365}\to &\frac{36}{73} \end{cases} \\\\\\ I=(1295)(0.07)\left( \frac{36}{73} \right)[/tex]
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