Determine the simple interest. (assume 360 days in a year.)
p= $544, r=0.047% per day, t= 3 months
the simple interest on $544 at 0.047% per day for 3 months is $
(round to the nearest cent.)
.

ANSWER:  

The simple interest is $23.01 approximately.

SOLUTION:

Given, p= $544, r=0.047% per day, t= 3 months  

we need to find the simple interest on $544 at 0.047% per day for 3 months.

We know that,  

where, p = principal amount

r = rate of interest

t = number of years

Here, rate and time period are in days and months respectively. But we need to convert both of them into years.

R = 0.047% 360  [since we have to assume there are 360 days in a year]

R = 16.92%

Now t = 3 months

Now, S.I =

Hence, the simple interest is $23.01 approximately.

b is the answer that makes most sense

step-by-step explanation: