Question

Find the amount of simple interest earned for depositing the given principle in an account. if $4200 is invested at 4.5 % for 4 months

Simple interest: $

Answer 1

well, keeping in mind a year has 12 months, thus 4 months is really 4/12 of a year

`~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$4200\\ r=rate\to 4.5\%\to (4.5)/(100)\dotfill &0.045\\ t=years\to (4)/(12)\dotfill &(1)/(3) \end{cases} \\\\\\ I = (4200)(0.045)((1)/(3)) \implies I=63`