Austin's investment in his savings account matured to $5,350.22 at the end of 165 days. If the account was earning simple interest at a rate of 1.30% p.a., answer the following. a. What was Austin's initial investment? $0.00 Round to the nearest cent b. How much interest did Austin earn? Round to the nearest cent

          Austin's investment in his savings account matured to $5,350.22 at the end of 165 days.
If the account was earning simple interest at a rate of 1.30% p.a., answer the following.
a. What was Austin's initial investment?
$0.00
Round to the nearest cent
b. How much interest did Austin earn?
Round to the nearest cent

Austin's investment in his savings account matured to 5,350.22 at the end of 165 days.
If the account was earning simple interest at a rate of 1.30% p.a., answer the following.
a. What was Austin's initial investment?0.00
Round to the nearest cent
b. How much interest did Austin earn?
Round to the nearest cent

Added by Jane B.

Calculus: Early Transcendentals

James Stewart 8th Edition

Instant Answer

Solved by Expert Kathleen Carty

04/23/2022

Step 1

Simple interest formula: I = P * r * t Where: I = Interest earned P = Principal (initial investment) r = Interest rate per year (1.30% or 0.013) t = Time in years (165 days is equivalent to 165/365 years) Show more…

Show all steps

Thanks for your feedback!

Austin's investment in his savings account matured to $5,350.22 at the end of 165 days. If the account was earning simple interest at a rate of 1.30% p.a., answer the following. a. What was Austin's initial investment? Round to the nearest cent b. How much interest did Austin earn? Round to the nearest cent Austin's investment in his savings account matured to $5,350.22 at the end of 165 days. If the account was earning simple interest at a rate of 1.30% p.a., answer the following. a. What was Austin's initial investment? $0.00 Round to the nearest cent b. How much interest did Austin earn? Round to the nearest cent