Question

Use the simple interest formula to find the missing value. Rates are annual rates. Assume 360 days per year and 30 days per month.

p = ?, r = 4.5%, t = 10 days, i = $26.68

A. p = $21,344.00

B. p = $711.47

C. p = $7114.67

D. p = $21,670.09

Answer 1

the simple interest formula is
I = P*r*t

we need to replace the letters with the numbers given in the problem
I= 26.68
r= 4.5% annually. We must change this to a decimal by dividing by 100
r= 0.045
t is time. It must be in years. the problem says t=10 days, in years that is
10 days/ 360 days or 1/36

26.68= P*0.045*1/36
to find P, multiply both sides by 36/0.045
26.68*36/0.045 = P
type
26.68*36/0.045 =
in the google search window, or use a calculator to find P

Answer 2

thanks

Answer 3

Do you think you could do another problem like this?

Answer 4

no i not good at math