Mathematics: The simple interest earned on a deposit of $4,000 at 5% for 120 days. a. $24.00 b. $66.67 c. $240.00 d. $666.67

The simple interest earned on a deposit of $4,000

triciajfive

13.03.2022

B. I=PRT is the simple interest formula. 120 days is 4 months, or 1/3 of a year.
I=(4,000)(0.05)(0.33333)
I=$66.67

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maddylaugh

13.03.2022

Option B $\$66.67$

Step-by-step explanation:

we know that

The simple interest formula is equal to

I=Prt

where

P is the Principal amount of money to be invested

r is the rate of interest in decimal form

t is Number of Time Periods in years

in this problem

we assume that

$1\ month=30\ days$

$t=120\ days=(1/3)\ years\\ P=\$4,000\\r=0.05$

substitute in the formula above

$I=\$4,000*0.05*(1/3)=\$66.67$

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jack487

06.02.2023

Step-by-step explanation:

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