When I worked this problem out I got the answer $250.80. It was graded wrong.
Can you explain what I did wrong.
A deposit of $8,000 at 9.5% for 120 days $
Interest = Principal times rate times time
I = 8,000 * 0.095 * 0.32876
I = 249.99
Can you explain what I did wrong.
A deposit of $8,000 at 9.5% for 120 days $
I = 8,000 * 0.095 * 0.32876
I = 249.99