$116.02 interest will be earned in 9 months
Step-by-step explanation:
The formula for simple interest is given by:
[tex]I = Prt[/tex]
Here
P is the initial amount
r is the interest
t is the time measured in years
Given
P = $2475
r = 6.25% = [tex]\frac{6.25}{100} = 0.0625[/tex]
t = 9 months
Converting time into year by dividing by 12
[tex]t = \frac{9}{12}\ years = 0.75\ year[/tex]
Putting the values in the formula
[tex]I = 2475 * 0.0625 * 0.75\\I = 116.0156[/tex]
Rounding off to nearest hundredth
I = $116.02
Hence,
$116.02 interest will be earned in 9 months
Keywords: Interest, simple interest
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