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Question
Find the exact interest, to the nearest cent. principal, rate, time
Solution
VerifiedAnswered 1 year ago
Answered 1 year ago
Step 1
1 of 3From the given, we have
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 () using the following formula
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