## Basic College Mathematics (10th Edition)

When time is given in months, it can be converted to a fraction of a year by dividing by 12. For example, consider this problem: Problem: Find the interest accumulated on a $\$1000$investment at a rate of 10% per year after 6 months. Answer:$I=PrtI=1000*0.10*\frac{6}{12}I=100*6/12I=600/12I=\$50$