Question

Dont pass this question by! please help me!

Answer 1

that didnt live up to the hype :/

Answer 2

A deposit of $4,000 at 9.5% for 270 days

Answer 3

Simple

Answer 4

i belive simple interest uses a 360 day year, is that correct?

Answer 5

if not, then using a 365 day year is just a easy

Answer 6

oh i thought it was 365

Answer 7

[I = Prt, they give you P and r, t = 270/(days in year)

Answer 8

These are my options : 280.00, 275.00, 285.00

Answer 9

Yes thats how its done but I didn't come up with any of these answers

Answer 10

i get one of them

Answer 11

whats your principal? remember to use a decimal version of the rate: .095, and use 360 as days

Answer 12

I did 4000 X .095 X 0.74

Answer 13

i used .75

Answer 14

OHH so I am supposed to use 360? not 365?

Answer 15

360 is the assumption with simple interest, unless stated otherwise

Answer 16

No in the example is just uses 365

Answer 17

Thanks

Answer 18

the author of your material may have their own interpretation, if they want you to use 365 days, then 281 is the colosest

Answer 19

okay thank you:)

Answer 20

hmm, i recall that the 360 is a result of the assumption that there are 12 months with equal number of days (30). 12*30 = 360

270/30 = 9 months