document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=890226>Question 890226</A>: <I><SPAN STYLE=\"word-break: break-all;\"> i need help with this question calculate the simple interest earned on an investment of 17 760 at 6.1% p.a over 306 days </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #538798 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><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/cgi-bin/show-face.mpl?user=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=538798\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> if it's simple interest, then there is no compounding.\r<BR>\n" );
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document.write( "the formula for simple interest is p * i * n<BR>\n" );
document.write( "p is the principal.<BR>\n" );
document.write( "i is the interest rate per time period.<BR>\n" );
document.write( "n is the number of time periods.\r<BR>\n" );
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document.write( "you need to determine the number of days per year you will use for the calculation.\r<BR>\n" );
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document.write( "some use 360 days per year.<BR>\n" );
document.write( "some use 365 days per year.<BR>\n" );
document.write( "some get fancy and use 365.25 days per year.<BR>\n" );
document.write( "some get even fancier and figure the leap years make a correction every 100 years and do something bizarre to calculate the average number of days in a year.\r<BR>\n" );
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document.write( "you will more then likely be using either 360 or 365.\r<BR>\n" );
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document.write( "i'll use 365.\r<BR>\n" );
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document.write( "the interest for 306 days is equal to 306 * .061 / 365 * 17760 which is equal to 908.24.\r<BR>\n" );
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document.write( "the interest rate for the 306 days is equal to 908.24 / 17760 = .051\r<BR>\n" );
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document.write( "as a test, the interest rate for 365 days is equal to 365 * .061 / 365 * 17760 = 1083.36.\r<BR>\n" );
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document.write( "the interest rate for the 365 days is equal to 1083.36 / 17760 = .061.\r<BR>\n" );
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document.write( "the formula is good.\r<BR>\n" );
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document.write( "your answer is that the interest for 306 days is equal to 908.24.\r<BR>\n" );
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document.write( "you need to determine if 365 days is the number of days per year that you're supposed to be using.\r<BR>\n" );
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document.write( "If it is, you're in good shape.\r<BR>\n" );
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document.write( "if it isn't, you need to recalculate by replacing 365 with whatever they expect you to be using.\r<BR>\n" );
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