Question

determine the simple interest. the rate is an annual rate. assume 360 days in a year.
p = $583.58, r = 8.1%, t = 71 days
the simple interest is $\square.
(do not round until the final answer. then round to the nearest cent as needed.)

Explanation:

Step1: Convert rate to decimal

$r = 8.1\% = \frac{8.1}{100} = 0.081$

Step2: Convert time to annual fraction

$t = \frac{71}{360}$

Step3: Apply simple interest formula

Simple Interest $I = p \times r \times t$
$I = 583.58 \times 0.081 \times \frac{71}{360}$

Step4: Calculate intermediate value

$583.58 \times 0.081 = 47.26998$

Step5: Compute final interest

$I = 47.26998 \times \frac{71}{360} \approx 9.35$

Answer:

$\$9.35$