what is The simple interest earned on a deposit of $4,000 at 5% for 120 days.
I = PRT
I = 4,000 * 0.05 * 0.333
To calculate the simple interest earned on a deposit, you can use the formula:
Simple Interest = (Principal * Rate * Time) / 365
In this case:
Principal = $4,000
Rate = 5% or 0.05 (converted to decimal)
Time = 120 days
Plugging in the values into the formula:
Simple Interest = (4000 * 0.05 * 120) / 365
Simplifying the equation:
Simple Interest = (200 * 120) / 365
Simple Interest = 24000 / 365
Simple Interest ≈ $65.75
Therefore, the simple interest earned on a deposit of $4,000 at 5% for 120 days is approximately $65.75.
To calculate the simple interest earned on a deposit, you need to use the formula:
Simple Interest = (Principal * Rate * Time) / 100
Here's how you can calculate the simple interest earned on a deposit of $4,000 at 5% for 120 days:
Step 1: Convert the rate from a percentage to a decimal.
Rate = 5% = 5/100 = 0.05
Step 2: Convert the time period to years since the rate is an annual rate.
Time = 120 days / 365 days (a year) = 0.3288 (approximately)
Step 3: Plug the values into the formula:
Simple Interest = (Principal * Rate * Time) / 100
Simple Interest = ($4,000 * 0.05 * 0.3288) / 100
Step 4: Calculate:
Simple Interest = ($800 * 0.3288) / 100
Simple Interest = $263.04 (approximately)
Therefore, the simple interest earned on a deposit of $4,000 at 5% for 120 days is approximately $263.04.