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,
[tex]Simple Interest $=\left(\frac{p \times r \times t}{100}\right)$[/tex]
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% [tex]\times[/tex] 360 [since we have to assume there are 360 days in a year]
R = 16.92%
Now t = 3 months
[tex]=3 \times \frac{1}{12}$ years$=\frac{1}{4}$ years[/tex]
Now, S.I = [tex]$\left(\frac{544 \times 16.92 \times \frac{1}{4}}{100}\right)$[/tex]
[tex]=\left(\frac{544 \times 4.23}{100}\right)$=\left(\frac{2301.12}{100}\right)$=23.0112$[/tex]
Hence, the simple interest is $23.01 approximately.
