- #1
lil.l3b91
- 4
- 0
Homework Statement
Michael's investment in his savings account matured to $4,106.32 at the end of 165 days. If the account was earning simple interest at a rate of 4.80% p.a., answer the following.
a. What was Michael's initial investment?
Round to the nearest cent
b. How much interest did Michael earn?
Round to the nearest cent
Homework Equations
p=s(1+rt) ?
I=prt
The Attempt at a Solution
s=4,106.32
t=165/365
r=0.048
s=4,106.32(1+0.048*165/365)