Answer:
I = $ 1,080.00
Step-by-step explanation:
Equation:
I = Prt
Calculation:
First, converting R percent to r a decimal
r = R/100 = 3.6%/100 = 0.036 per year,
then, solving our equation
I = 7500 × 0.036 × 4 = 1080
I = $ 1,080.00
The simple interest accumulated
on a principal of $ 7,500.00
at a rate of 3.6% per year
for 4 years is $ 1,080.00.
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