true or false: $5,100 put in a savings account for 210 days at 3% simple interest per year. the gained…

true or false: $5,100 put in a savings account for 210 days at 3% simple interest per year. the gained interest is $2677.50: true false

true or false: $5,100 put in a savings account for 210 days at 3% simple interest per year. the gained interest is $2677.50: true false

Answer

Explanation:

Step1: Recall the simple - interest formula

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

Step2: Convert the time to years and the rate to decimal

Given (P=$5100), (r = 3%=0.03), and (t=\frac{210}{365}) years (assuming a non - leap year).

Step3: Calculate the interest

[ \begin{align*} I&=Prt\ &=5100\times0.03\times\frac{210}{365}\ &=5100\times0.03\times0.575342466\ & = 153\times0.575342466\ &\approx$88.03 \end{align*} ]

Answer:

False