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289 16 (1 co
2.7.3
if $110 is invested for one year at 13.2% simple interest, how much interest is earned?

$14.52

Step-by-step explanation:

We need to use the formula for simple interest to solve this problem. The formula is shown below:

Where

i is the simple interest earned

P is the principal (initial) amount

r is the rate of interest

t is the time in years

In this problem, we are given:

P = 110

r = 13.2%

converted to decimal, 13.2/100 = 0.132

t = 1 (1 year)

Now we substitute and find interest earned:

Thus, the simple interest earned on $110 in 1 year is  $14.52

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step-by-step explanation:

use that smart brain

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