= Homework: Homework 3Question 4, 7.1e>Using the simple interest formulal=Prt, compute the amount of interest earned on $401.00 at 7.49% p.a. from August 30, 2006 to December 28, 2006.The interest earned was $.(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Investment amount (P) = $401.00 Interest rate (r) = 7.49% Period from Aug 30, 2006 to Dec 28,2006 =…

Answered: Using the simple interest formula l=…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Using the simple interest formula l= Prt, compute the amount of interest earned on $401.00 at 7.49% p.a. from August 30, 2006 to December 28, 2006. The interest earned was $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)