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goosteamil
goosteamil goosteamil
  • 22-10-2015
  • Mathematics
Answered

Find the exact interest for $600 at 8% for 45 days. (Round to the nearest cent.)

A$6.36
B$5.95
C$6.00
D$5.92

Verified Answer :

W0lf93
W0lf93 W0lf93
  • 13-04-2017

Interest is found as the principal times the percentage rate / 100, divided by the proportion of the days. This is, if r is the percentage rate for 1 year, n is the number of days, and p is the amount invested you can calculate the interests as p (r%/100) n/365 = $600 * (8/100) * 45/365 = $5.92. So the answer is the option D. 5.92.

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