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Trevor's bank pays 1.94% simple interest. Of his principal is $241, and he left all of it in his account for 54 days. How much interest will Trevor earn?

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sqdancefan

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Answer:

  $0.70

Step-by-step explanation:

The interest is computed using the formula ...

  I = Prt

where r is the annual rate, and t is the time in years. Banks compute interest using "ordinary interest", which assumes a 360-day year. Trevor's interest is ...

  I = $241(0.0194)(54/360) = $0.70

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