Calculate the amount of interest if $2000.00 is invested at 6% for 200 days.
A) $65.75
B) $120.00
C) $54.25
D) $6575.34
E) $240.00

Question

Quizplus · Accepted Answer

The interest can be calculated using the simple interest formula: I = PRT, where P is the principal amount ($2000), R is the annual interest rate (6% or 0.06), and T is the time in years. For 200 days, T = 200/365 years. Therefore, I = 2000 * 0.06 * (200/365) = $65.75.

Calculate the Amount of Interest If $2000