The simple interest, in dollars, on $1600 invested at 9½% per annum for three years is
To calculate the simple interest, we can use the formula:
Simple Interest = (Principal * Rate * Time) / 100
Given:
Principal (P) = $1600
Rate (R) = 9½% = 9.5% = 9.5/100 = 0.095
Time (T) = 3 years
Now, substitute the values into the formula:
Simple Interest = (1600 * 9.5 * 3) / 100
Calculating the expression:
Simple Interest = (1600 * 28.5) / 100
Simple Interest = 45600 / 100
Simple Interest = $456
Therefore, the simple interest on $1600 invested at 9½% per annum for three years is $456.
To calculate the simple interest on an investment, you can use the formula:
Simple Interest = (Principal x Rate x Time) / 100
Here, the principal is $1600, the rate is 9.5%, and the time is 3 years.
First, let's convert the rate from a percentage to decimal form. To do this, divide the rate by 100:
9.5% / 100 = 0.095
Now, substitute the values into the formula:
Simple Interest = (1600 x 0.095 x 3) / 100
Simplifying further:
Simple Interest = (456) / 100
Simple Interest = $45.60
Therefore, the simple interest, in dollars, on $1600 invested at 9½% per annum for three years is $45.60.