To calculate the simple interest, you can use the formula:

I = P * r * t

where:
I is the interest,
P is the principal amount ($2000 in this case),
r is the rate of interest (5.1% or 0.051 in this case), and
t is the time period (20 days in this case).

However, the rate is usually given on an annual basis, and the time is usually in years. So, we need to convert the rate and time accordingly.

First, convert the rate from a percentage to a decimal by dividing by 100:

r = 5.1 / 100 = 0.051

Next, convert the time from days to years. There are approximately 365 days in a year, so:

t = 20 / 365 ≈ 0.05479

Now, substitute P, r, and t into the formula:

I = 2000 * 0.051 * 0.05479 ≈ $5.60

So, the simple interest earned, rounded to the nearest cent, is approximately $5.60.

Question

To calculate the simple interest, you can use the formula:

I = P * r * t

where:
I is the interest,
P is the principal amount ($2000 in this case),
r is the rate of interest (5.1% or 0.051 in this case), and
t is the time period (20 days in this case).

However, the rate is usually given on an annual basis, and the time is usually in years. So, we need to convert the rate and time accordingly.

First, convert the rate from a percentage to a decimal by dividing by 100:

r = 5.1 / 100 = 0.051

Next, convert the time from days to years. There are approximately 365 days in a year, so:

t = 20 / 365 ≈ 0.05479

Now, substitute P, r, and t into the formula:

I = 2000 * 0.051 * 0.05479 ≈ $5.60

So, the simple interest earned, rounded to the nearest cent, is approximately $5.60.

Knowee AI · Accepted Answer

To calculate the simple interest, you can use the formula:

I = P * r * t

where:
I is the interest,
P is the principal amount ($2000 in this case),
r is the rate of interest (5.1% or 0.051 in this case), and
t is the time period (20 days in this case).

However, the rate is usually given on an annual basis, and the time is usually in years. So, we need to convert the rate and time accordingly.

First, convert the rate from a percentage to a decimal by dividing by 100:

r = 5.1 / 100 = 0.051

Next, convert the time from days to years. There are approximately 365 days in a year, so:

t = 20 / 365 ≈ 0.05479

Now, substitute P, r, and t into the formula:

I = 2000 * 0.051 * 0.05479 ≈ $5.60

So, the simple interest earned, rounded to the nearest cent, is approximately $5.60.

Calculate the simple interest earned. Round to the nearest cent.P = $2000, r = 5.1%, t = 20 days

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