Concept explainers
Whether the S or M is correct or not.
Answer to Problem 35HP
Both are incorrect.
Explanation of Solution
Given information:
S and M are finding the simple interest on a $2500 investment at a simple interest rate of 5.75% for 18 months.
Calculation:
The given data is $2500 at 5.75% for 18 month.
With the help of above calculation, it can be observed that both did mistakes. In case of S, she didn’t convert time into year and in case of M, she didn’t write correct rate of interest.
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