$9600 is invested for 3 months in a savings account with a rate of 9.5% simple interest per year. Find the interest.
A) $2280.00
B) $228.00
C) $27,360.00
D) $2736.00

Question

Quizplus · Accepted Answer

The interest is calculated using the formula: Interest = Principal × Rate × Time. Here, the principal is $9600, the annual rate is 9.5% (or 0.095), and the time is 3/12 years. So, Interest = $9600 × 0.095 × (3/12) = $228.00.

$9600 Is Invested for 3 Months in a Savings Account