when calculating simple interest, what must you do if you want to invest for months or weeks instead of a…

when calculating simple interest, what must you do if you want to invest for months or weeks instead of a. simple interest only pays yearly, so you should find another investment. b. the simple interest calculation does not use those units, so you should just calculate as normal. c. the units have changed, so the interest formula switches to i·t = p·r. d. interest rates are annual, so you must convert the units into years.

when calculating simple interest, what must you do if you want to invest for months or weeks instead of a. simple interest only pays yearly, so you should find another investment. b. the simple interest calculation does not use those units, so you should just calculate as normal. c. the units have changed, so the interest formula switches to i·t = p·r. d. interest rates are annual, so you must convert the units into years.

Answer

Brief Explanations:

Simple - interest formula is $I = P\times r\times t$, where $r$ is the annual - interest rate. Since $r$ is annual, when the time $t$ is given in months or weeks, it must be converted into years to be consistent with the unit of the interest rate.

Answer:

d. Interest rates are annual, so you must convert the units into years.