SOLUTION: Find the simple interest. Assume the rate is on per annum basis. $52,486 at 12.76% from July 8 of one year to October 15 of the next year. (365-day year)

Algebra ->  Finance -> SOLUTION: Find the simple interest. Assume the rate is on per annum basis. $52,486 at 12.76% from July 8 of one year to October 15 of the next year. (365-day year)       Log On


   

Question 252473: Find the simple interest. Assume the rate is on per annum basis.
$52,486 at 12.76% from July 8 of one year to October 15 of the next year. (365-day year)
Answer by drk(1908) About Me  (Show Source):
You can put this solution on YOUR website!
We have the formula
(i) I+=+PRT
putting given information in, we get
(ii) I+=+52486%28.1276%29%28t%29
July 8 to July 8 = 366 days
July 8 to October 15 = 99 days
So, time = 1 + 100/365 = (365+100)/365 ~ 1.2739726 yrs.
From (ii), we get
(iii) I+=+52486%2A.1276%2A1.2739726
+I+=+8532.07