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Question

Find the exact interest, to the nearest cent. $(P=$ principal, $R=$ rate, $T=$ time $)$

$\begin{array}{lllllllll} \boldsymbol{P} & \boldsymbol{R} & \boldsymbol{T} & \text { Interest }\\ \$ 22,500 & 9 \% & 90\ \text{days} \end{array}$

Solution

VerifiedAnswered 1 year ago

Answered 1 year ago

Step 1

1 of 3From the given, we have

$\begin{aligned} P&=\$22500\\ R&=9\%\\ T&=\frac{90}{365}\\ &=\frac{18}{73}\\ \end{aligned}$

*Note that we divide the given time in days by 365 to get the time in years. This is because a year consists of 365 days.*

We then solve for the interest ($I$) using the following formula

$I=PRT$

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