$3,300 is invested for 8 months at an annual simple interest rate of 21%. How much interest will be earned? Round your answer to the nearest dollar.
A)$4,623
B)$5,544
C)$462
D)$409
E)$555

Question

$3,300 is invested for 8 months at an annual simple interest rate of 21%. How much interest will be earned? Round your answer to the nearest dollar. ​
A)$4,623
B)$5,544
C)$462
D)$409
E)$555

Quizplus · Accepted Answer

To find the interest earned, we can use the formula:

Interest = Principal x Rate x Time

where Principal is $3,300, Rate is 21% per year, and Time is 8 months (which we need to convert to years by dividing by 12).

Interest = 3300 x 0.21 x (8/12) = $462 (rounded to the nearest dollar)

Therefore, the answer is choice C.

$3,300 Is Invested for 8 Months at an Annual Simple