document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=864616>Question 864616</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Choose the correct answer for the amount of interest earned in the following simple interest problem.\r<BR>\n" );
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document.write( "A deposit of $4,000 at 9.5% for 270 days? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #521132 by </B><A HREF=/tutors/aboutme.mpl?userid=jim_thompson5910><B>jim_thompson5910(35256)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=jim_thompson5910><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=521132\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Let's assume there are 365 days in the year (sometimes banks use 360 days in the year, but we'll go with 365 since it's more accurate). This would mean 270 days turns into 270/365 years. Because t is usually in years, t = 270/365\r<BR>\n" );
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document.write( "The deposit is $4,000, so P = 4000\r<BR>\n" );
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document.write( "The interest rate is 9.5% ---> 9.5/100 = 0.095 so r = 0.095\r<BR>\n" );
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document.write( "We'll use these to plug them into the formula I = P*r*t\r<BR>\n" );
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document.write( "I = P*r*t\r<BR>\n" );
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document.write( "I = 4000*0.095*(270/365)\r<BR>\n" );
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document.write( "I = 281.095890410959 <font color=\"blue\">use a calculator here</font>\r<BR>\n" );
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document.write( "I = 281.10 <font color=\"blue\">round to the nearest penny</font>\r<BR>\n" );
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document.write( "So you've earned <font size=4 color=\"red\">$281.10</font> in interest.\r<BR>\n" );
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document.write( " </SPAN>\n" );
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