SOLUTION:
Case: Simple interest
Method:
P= $5100
R= 6.5% or 0.065 annual rate
T= 365 days.
1. The formula for simple Interest is:
[tex]I=PRT[/tex]
Therefore:
[tex]\begin{gathered} I=5100\times0.065\times\frac{365}{365} \\ I=331.50 \end{gathered}[/tex]
The Interest, I= $331.50
2. The Amount, A
[tex]\begin{gathered} A=P+I \\ A=5100+331.50 \\ A=5431.50 \end{gathered}[/tex]
The Amount A= $5431.50
