p=$89700, r=9%, t=2 months[Assume 360 days in a year}
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OpenStudy (anonymous):
i have to show work
OpenStudy (paxpolaris):
compounded daily/continuously/....?
or simple interest?
OpenStudy (anonymous):
simple intrest
OpenStudy (paxpolaris):
Does the question ask for the interest of the total amount after 2 months?
OpenStudy (paxpolaris):
Start with the formula. which is ...?
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OpenStudy (anonymous):
it just say t=2 months
OpenStudy (anonymous):
i=prt
OpenStudy (anonymous):
?
OpenStudy (paxpolaris):
Right.
\[\large I=P \cdot r \cdot t\]
I is the interest you are trying to calculate.
P is the principal (the money you invest / start with)
r is the annual interest rate... \(9\%=\Large\frac9{100}\) or 0.09
t is the time in years.. 2months=\(\Large{2 \over 12}\) or \(\Large{1\over 6}\)
OpenStudy (anonymous):
i = p * r * t
= 89, 700 * .09 * 1/6
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