find the missing value. round your answer to the nearest cent.\nprincipal rate time simple interest\n$11,000…

find the missing value. round your answer to the nearest cent.\nprincipal rate time simple interest\n$11,000 9% 5 years $

find the missing value. round your answer to the nearest cent.\nprincipal rate time simple interest\n$11,000 9% 5 years $

Answer

Explanation:

Step1: Recall simple - interest formula

The formula for simple interest is $I = Prt$, where $I$ is the simple interest, $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years.

Step2: Convert the interest rate to decimal

The given interest rate $r = 9%=0.09$. The principal $P = 11000$ and the time $t = 5$ years.

Step3: Substitute values into the formula

$I=Prt=11000\times0.09\times5$. First, calculate $11000\times0.09 = 990$. Then, $990\times5=4950$.

Answer:

$4950.00$