Find the simple interest of $500000 at an annual rate of 5.6% for 9 months.
Is the answer my name?
I = PRT
I = 500,000 * 0.056 * 0.75
= 84000
No. Do the multiplication again.
Also, what about the annual rate part
To find the simple interest, you can use the formula:
Simple Interest = Principal * Rate * Time
Where:
- Principal is the initial amount of money ($500,000)
- Rate is the annual interest rate (5.6%)
- Time is the duration in years (9 months converted to years is 9/12 = 0.75 years)
Now let's calculate the simple interest:
Simple Interest = $500,000 * 5.6% * 0.75
= $500,000 * (5.6/100) * 0.75
= $500,000 * 0.056 * 0.75
= $21,000
Therefore, the simple interest of $500,000 at an annual rate of 5.6% for 9 months is $21,000.