Calculate the amount of interest if $3000.00 is invested at 6.25% from November 30, 2014 to May 15, 2015.
A) $843.75
B) $86.82
C) $85.27
D) $70.31
E) $70.75

Name: Calculate the amount of interest if $3000.00 is invested at 6.25% from November 30, 2014 to May 15, 2015. A) $843.75 B) $86.82 C) $85.27 D) $70.31 E) $70.75
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Quizplus · Accepted Answer

The interest is calculated as follows:Interest = Principal x Rate x TimeInterest = $3000.00 x 6.25% x (176 days / 365 days)Interest = $3000.00 x 0.0625 x 0.4822Interest = $85.27

Calculate the Amount of Interest If $3000