Questions: Find the simple interest. 1975 at 6.1% for 35 weeks The simple interest is (Round to the nearest cent as needed.)

Transcript text: Find the simple interest. $\$ 1975$ at $6.1 \%$ for 35 weeks The simple interest is \$ $\square$ (Round to the nearest cent as needed.)

Solution

Solution Steps

Step 1: Convert the annual interest rate from a percentage to a decimal

To convert the rate to a decimal, we divide the given rate (6.1%) by 100. Thus, $r = 6.1 / 100 = 0.061$.

Step 2: Convert the time from weeks to years

Since there are 52 weeks in a year, to convert weeks to years, we divide the given time in weeks (35) by 52. Thus, $t = 35 / 52 = 0.673$ years.

Step 3: Use the simple interest formula to calculate the interest

Using the formula $I = P \times r \times t$, where $P = 1975$, $r = 0.061$, and $t = 0.673$ years, we calculate the interest as follows: $I = 1975 \times 0.061 \times 0.673 = 81.089$.

Step 4: Round the result to the nearest cent

After rounding to 2 decimal places, the interest earned is $I = 81.09$.