Basic College Mathematics (9th Edition)

Published by Pearson
ISBN 10: 0321825535
ISBN 13: 978-0-32182-553-7

Chapter 6 - Percent - 6.7 Simple Interest - 6.7 Exercises: 40

Answer

The family earns $\$405$ in interest after 9 months.

Work Step by Step

We know that the Jidobu family invests $\$18000$ for 9 months at 3%. We find the interest earned using the interest formula: $I=Prt$ $I=18000*0.03*\frac{9}{12}$ (We convert 9 months to a fraction of a year by dividing by 12.) $I=540*\frac{9}{12}$ $I=\$405$ Thus the family earns $\$405$ in interest after 9 months.
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