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Homework answers / question archive / Ritcher decided to deposit $ 875 from May 29, 2013 to August 13, 2013 at 11
Ritcher decided to deposit $ 875 from May 29, 2013 to August 13, 2013 at 11.5% per annum. Compute the amount of simple interest he will earn at the end of the term. Round to nearest 100th.
May = 3
June = 30
July = 31
August = 13
Total days = 77
Simple i interest = Principal * Time*rate/365
=875*77*0.115/365
Simple interest = 21.228
