ANSWER :
The interest is $30.77
EXPLANATION :
The interest formula is :
[tex]I=Prt[/tex]
where :
P = principal amount
r = rate of interest
t = time in years
From the problem, we have :
P = $400
r = 11.7% or 0.117
t = 240 days
Convert 240 days into years
[tex]240days\times\frac{1yr}{365days}=0.6575yrs[/tex]
Using the formula above :
[tex]\begin{gathered} I=400(0.117)(0.6575) \\ I=30.77 \end{gathered}[/tex]
