(adsbygoogle = window.adsbygoogle || []).push({}); 1. The problem statement, all variables and given/known data

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

2. Relevant equations

p=s(1+rt) ?

I=prt

3. The attempt at a solution

s=4,106.32

t=165/365

r=0.048

s=4,106.32(1+0.048*165/365)

**Physics Forums | Science Articles, Homework Help, Discussion**

The friendliest, high quality science and math community on the planet! Everyone who loves science is here!

# Homework Help: Simple Interest help -- investment in his savings account matured to $4,106.32

Have something to add?

Draft saved
Draft deleted

**Physics Forums | Science Articles, Homework Help, Discussion**