Answer
$185.86667
Explanation
The formula for simple interest is:
I = PRT
Where I ⇒ interest
P ⇒ amount deposited.
R ⇒ interest rate
T ⇒ period for investing
17 months = 17/12 years
5 1/8 = 5.125
∴ I = 2,560 ×17/12 × 5.125/100
= 2560 × 17/12 × 0.05125
= $185.86667
To the nearest tenth answer = $185.90
Answer:
It would earn $ 185.87 ( approx )
Step-by-step explanation:
Since, the simple interest formula is,
[tex]I=\frac{P\times r\times t}{100}[/tex]
Where,
P = principal amount,
r = rate per period,
t = number of periods,
Here,
P = $ 2,560,
r = [tex]5\frac{1}{8}\%=\frac{41}{8}\%[/tex]
t = [tex]\frac{17}{12}[/tex] years, ( ∵ 1 year = 12 months )
Hence, the simple interest would be,
[tex]I=\frac{2560\times \frac{41}{8}\times \frac{17}{12}}{100}[/tex]
[tex]=\frac{1784320}{9600}[/tex]
[tex]\approx \$185.87[/tex]
