Kiron invests $22,700 at 14% simple interest. About how much interest will he earn in 6 months?
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(22,700 * 0.14)/ 0.5 = ?
Kiron invests $22,700 at 14% simple interest. About how much interest will he earn in 6 months
To find the amount of interest Kiron will earn in 6 months, we can use the simple interest formula:
Interest = Principal × Rate × Time
where:
Principal = $22,700
Rate = 14% per year (or 0.14 as a decimal)
Time = 6 months (or 0.5 years)
Plugging in these values into the formula, we get:
Interest = $22,700 × 0.14 × 0.5
Now, we can solve this equation to find the answer:
Interest = $22,700 × 0.07
Interest = $1590
Therefore, Kiron will earn about $1590 in interest in 6 months.