Basic College Mathematics (10th Edition)

Published by Pearson
ISBN 10: 0134467795
ISBN 13: 978-0-13446-779-5

Chapter 6 - Percent - Review Exercises - Page 467: 59

Answer

$3.50

Work Step by Step

Interest = $ principal \times rate \times time$ Principal = 400 rate = $3\frac{1}{2}$ % = 3.5% = 0.035 time = 3 months = $\frac{3}{12} years = \frac{1}{4}$ years Interest = $ 400 \times 0.035 \times \frac{1}{4}$ = 3.50 Dollars
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