SOLUTION: Find the interest on the total amount of $400.00 at 5+1/2 for 16 months. The right answer is $29.34 but I keep getting my answer wrong. I know that the formula is I = prt And I

Algebra ->  Percentages: Solvers, Trainers, Word Problems and pie charts -> SOLUTION: Find the interest on the total amount of $400.00 at 5+1/2 for 16 months. The right answer is $29.34 but I keep getting my answer wrong. I know that the formula is I = prt And I       Log On


   

Question 952066: Find the interest on the total amount of $400.00 at 5+1/2 for 16 months.
The right answer is $29.34 but I keep getting my answer wrong.
I know that the formula is I = prt And I do all the steps right. I think it's cause of the fraction that's why I can't get it right. Please help me understand anything I'm missing and give me steps. Thanks
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
+16+ months = +4%2F3+ years
+I+=+P%2Ar%2At+
+I+=+400%2A.055%2A%284%2F3%29+
+I+=+88%2F3+
+I+=+29.33+
Or, if you insist, $29.34