If the value of the principal today is $17,567 and the interest rate is 0.93%,what is the total simple interest income at the end of fifteen years?
A)$17,567
B)$2,540.60
C)$82,765.65
D)$300.56
E)None of the above.

Question

Quizplus · Accepted Answer

The formula for simple interest is:

I = P * r * t

where I is the interest income, P is the principal, r is the interest rate, and t is the time period.

We are given that P = 17,567, r = 0.93%, and t = 15 years.

Plugging these values into the formula, we get:

I = 17,567 * 0.0093 * 15 = 2,540.60

Therefore, the total simple interest income at the end of fifteen years is $2,540.60.

Option B is correct.

If the Value of the Principal Today Is $17,567 and the Interest