Find the simple interest. Round your answer to the nearest cent.
Principal = $900
Rate = 4%
Time in years = 3
Is this correct: 900*0.04=36
36*3=108.00
Then my next question is when you round to the nearest unit is it the same as regular rounding. 335.42 rounded to the nearest unit would be 335 or 3350? Im confused?
bozo
To find the simple interest, you can use the formula:
Simple Interest = (Principal * Rate * Time)/100
So in this case:
Principal = $900
Rate = 4%
Time in years = 3
Plugging in the values, the calculation would be:
Simple Interest = (900 * 4 * 3) / 100
= 108
So the correct simple interest is $108.
Now, regarding your question about rounding to the nearest unit, it is not the same as regular rounding. When you round to the nearest unit, you round to the nearest whole number. So, 335.42 rounded to the nearest unit would be 335, not 3350.
To find the simple interest, you can use the formula I = P * R * T, where I is the interest, P is the principal amount, R is the interest rate, and T is the time in years.
For this example:
Principal (P) = $900
Rate (R) = 4% (which can be written as 0.04 in decimal form)
Time in years (T) = 3
To calculate the interest, you can use the formula:
I = 900 * 0.04 * 3 = $108
Therefore, the simple interest is $108.
Now, let's address your rounding question. When rounding to the nearest cent for monetary values, you typically round to two decimal places.
However, rounding to the nearest unit refers to rounding to the nearest whole number.
For example, if you have a value of 335.42 and you want to round to the nearest unit, you would round to the nearest whole number. In this case, 335.42 rounded to the nearest unit would be 335.
Rounding to the nearest ten, on the other hand, involves rounding to the nearest multiple of 10. In this case, 335.42 rounded to the nearest ten would be 340.
It's important to specify the desired level of rounding (nearest cent, unit, ten, etc.) to correctly round numbers to the desired precision.
Your first answer is correct. The interest is $108.
Your second answer is 335.
Think of money. $335.42 is just a little more than 335 dollars.